Warby Parker (NYSE:WRBY) Reaches New 1-Year High – Should You Buy?

Warby Parker Inc. (NYSE:WRBY) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $24.14 and last traded at $23.92, with a volume of 78816 shares changing hands. The stock had previously closed at $23.11.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Stifel Nicolaus lifted their target price on shares of Warby Parker from $14.00 to $15.00 and gave the company a “hold” rating in a report on Friday, August 9th. BTIG Research lifted their target price on shares of Warby Parker from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 1st. Deutsche Bank Aktiengesellschaft upgraded shares of Warby Parker from a “neutral” rating to a “buy” rating and lifted their target price for the company from $15.00 to $18.00 in a report on Monday, October 21st. The Goldman Sachs Group upgraded shares of Warby Parker from a “neutral” rating to a “buy” rating and lifted their target price for the company from $15.00 to $18.00 in a report on Monday, October 21st. Finally, JMP Securities upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $20.00 target price for the company in a report on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.82.

Warby Parker Stock Performance

The business’s 50 day moving average is $17.54 and its 200 day moving average is $16.26.

Insider Buying and Selling

In related news, CFO Steven Clive Miller sold 6,763 shares of the business’s stock in a transaction 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 sale, the chief financial officer now directly owns 177,488 shares of the company’s stock, valued at $2,467,083.20. The trade was a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Neil Harris Blumenthal sold 27,143 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $13.00, for a total transaction of $352,859.00. Following the completion of the sale, the chief executive officer now directly owns 12,177 shares of the company’s stock, valued at approximately $158,301. This trade represents a 69.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 99,178 shares of company stock worth $1,339,901. Corporate insiders own 26.55% of the company’s stock.

Institutional Investors Weigh In On Warby Parker

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Warby Parker by 2.6% during the first quarter. Vanguard Group Inc. now owns 8,677,106 shares of the company’s stock worth $118,095,000 after buying an additional 219,120 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in Warby Parker by 3.2% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,555,705 shares of the company’s stock worth $41,735,000 after buying an additional 78,295 shares during the period. State Street Corp grew its position in Warby Parker by 3.2% during the third quarter. State Street Corp now owns 2,209,025 shares of the company’s stock worth $36,073,000 after buying an additional 69,108 shares during the period. Geode Capital Management LLC grew its position in Warby Parker by 7.9% during the third quarter. Geode Capital Management LLC now owns 1,970,620 shares of the company’s stock worth $32,187,000 after buying an additional 144,623 shares during the period. Finally, Jennison Associates LLC grew its position in shares of Warby Parker by 13.6% in the third quarter. Jennison Associates LLC now owns 1,939,116 shares of the company’s stock valued at $31,666,000 after purchasing an additional 232,530 shares during the last quarter. 93.24% of the stock is owned by hedge funds and other institutional investors.

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.