Piper Sandler Raises Warby Parker (NYSE:WRBY) Price Target to $22.00

Warby Parker (NYSE:WRBY) had its price target increased by Piper Sandler from $18.00 to $22.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 12.76% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. William Blair upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating in a report on Thursday. The Goldman Sachs Group raised Warby Parker from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $15.00 to $18.00 in a report on Monday, October 21st. Deutsche Bank Aktiengesellschaft raised Warby Parker from a “neutral” rating to a “buy” rating and increased their target price for the company from $15.00 to $18.00 in a report on Monday, October 21st. JMP Securities upgraded Warby Parker from a “market perform” rating to an “outperform” rating and set a $20.00 price target for the company in a research note on Friday, August 23rd. Finally, BTIG Research upped their price target on shares of Warby Parker from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.18.

Warby Parker Price Performance

Shares of NYSE:WRBY opened at $19.51 on Friday. Warby Parker has a 1 year low of $9.83 and a 1 year high of $19.93. The stock’s fifty day moving average price is $15.92 and its 200-day moving average price is $15.57. The company has a market cap of $1.96 billion, a P/E ratio of -50.03 and a beta of 1.80.

Warby Parker (NYSE:WRBY) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Warby Parker had a negative net margin of 6.38% and a negative return on equity of 11.09%. The firm had revenue of $188.22 million for the quarter, compared to the consensus estimate of $186.89 million. On average, sell-side analysts anticipate that Warby Parker will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In other Warby Parker news, CFO Steven Clive Miller sold 6,763 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $13.90, for a total value of $94,005.70. Following the completion of the transaction, the chief financial officer now directly owns 177,488 shares in the company, valued at $2,467,083.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Steven Clive Miller sold 6,763 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $13.90, for a total value of $94,005.70. Following the completion of the transaction, the chief financial officer now owns 177,488 shares of the company’s stock, valued at $2,467,083.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $13.89, for a total value of $694,500.00. Following the sale, the chief executive officer now owns 12,177 shares of the company’s stock, valued at $169,138.53. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 99,178 shares of company stock worth $1,339,901. Company insiders own 26.55% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisors Asset Management Inc. increased its holdings in Warby Parker by 79.9% in the 1st quarter. Advisors Asset Management Inc. now owns 5,125 shares of the company’s stock valued at $70,000 after acquiring an additional 2,276 shares during the last quarter. First Eagle Investment Management LLC bought a new stake in shares of Warby Parker in the second quarter worth about $131,000. Choreo LLC purchased a new stake in shares of Warby Parker in the second quarter worth about $167,000. AQR Capital Management LLC bought a new position in Warby Parker during the second quarter valued at approximately $186,000. Finally, LVW Advisors LLC purchased a new position in Warby Parker during the 2nd quarter valued at approximately $201,000. Institutional investors own 93.24% of the company’s stock.

About Warby Parker

Warby Parker Inc provides eyewear products in the United States and Canada. The company offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, non-prescription lenses, and contact lenses. It also provides accessories, such as cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray through its retail stores, website, and mobile apps.