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

Warby Parker Inc. (NYSE:WRBY)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $25.35 and last traded at $23.71, with a volume of 2224696 shares changing hands. The stock had previously closed at $24.29.

Analyst Upgrades and Downgrades

Several brokerages recently commented on WRBY. JMP Securities upped their price target on shares of Warby Parker from $23.00 to $28.00 and gave the stock a “market outperform” rating in a research report on Monday. BTIG Research upped their price objective on Warby Parker from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Robert W. Baird lifted their target price on Warby Parker from $18.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Stifel Nicolaus boosted their price target on Warby Parker from $17.00 to $20.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. Finally, The Goldman Sachs Group raised their price objective on Warby Parker from $20.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $20.73.

Warby Parker Stock Performance

The firm has a fifty day moving average of $20.43 and a 200 day moving average of $17.15. The firm has a market capitalization of $2.41 billion, a PE ratio of -87.81 and a beta of 1.93.

Insider Buying and Selling at Warby Parker

In related news, CEO Neil Harris Blumenthal sold 36,163 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $22.61, for a total value of $817,645.43. Following the transaction, the chief executive officer now owns 12,177 shares in the company, valued at approximately $275,321.97. The trade was a 74.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Steven Clive Miller sold 7,016 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $23.85, for a total value of $167,331.60. Following the completion of the transaction, the chief financial officer now directly owns 182,130 shares of the company’s stock, valued at $4,343,800.50. This represents a 3.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,032 shares of company stock valued at $2,503,303 over the last 90 days. 26.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Warby Parker

Institutional investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC grew its position in shares of Warby Parker by 3.4% during the third quarter. Janney Montgomery Scott LLC now owns 47,908 shares of the company’s stock worth $782,000 after buying an additional 1,556 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Warby Parker by 11.5% during the 2nd quarter. Hsbc Holdings PLC now owns 25,696 shares of the company’s stock valued at $413,000 after acquiring an additional 2,651 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Warby Parker by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,667 shares of the company’s stock worth $717,000 after acquiring an additional 3,007 shares in the last quarter. Arizona State Retirement System increased its position in shares of Warby Parker by 16.0% in the 2nd quarter. Arizona State Retirement System now owns 23,408 shares of the company’s stock worth $376,000 after purchasing an additional 3,224 shares during the last quarter. Finally, LVW Advisors LLC raised its stake in shares of Warby Parker by 27.9% in the 3rd quarter. LVW Advisors LLC now owns 16,027 shares of the company’s stock valued at $262,000 after purchasing an additional 3,500 shares in the last quarter. 93.24% of the stock is owned by institutional investors and hedge funds.

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.