Warby Parker (NYSE:WRBY) Shares Gap Up – Time to Buy?

Shares of Warby Parker Inc. (NYSE:WRBY) gapped up prior to trading on Monday . The stock had previously closed at $16.55, but opened at $17.28. Warby Parker shares last traded at $16.96, with a volume of 205,879 shares trading hands.

Analysts Set New Price Targets

A number of analysts have recently commented on WRBY shares. The Goldman Sachs Group upgraded Warby Parker from a “neutral” rating to a “buy” rating and upped their target price for the stock from $15.00 to $18.00 in a research note on Monday. Piper Sandler began coverage on shares of Warby Parker in a research note on Friday, August 23rd. They set an “overweight” rating and a $18.00 price objective 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. Loop Capital increased their price target on shares of Warby Parker from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Wednesday, July 10th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Warby Parker from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $15.00 to $18.00 in a report on Monday. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $17.00.

Warby Parker Stock Up 3.9 %

The firm has a market cap of $1.73 billion, a price-to-earnings ratio of -43.62 and a beta of 1.82. The company’s 50-day moving average price is $14.87 and its 200-day moving average price is $15.07.

Warby Parker (NYSE:WRBY) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. Warby Parker had a negative return on equity of 11.09% and a negative net margin of 6.38%. The company had revenue of $188.22 million for the quarter, compared to analysts’ expectations of $186.89 million. Analysts predict that Warby Parker Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Bradley E. Singer acquired 50,000 shares of Warby Parker stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average cost of $13.00 per share, with a total value of $650,000.00. Following the purchase, the director now owns 100,000 shares in the company, valued at $1,300,000. This trade represents a 100.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Warby Parker news, Director Bradley E. Singer acquired 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average price of $13.00 per share, with a total value of $650,000.00. Following the purchase, the director now owns 100,000 shares in the company, valued at approximately $1,300,000. The trade was a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Steven Clive Miller sold 15,272 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $13.00, for a total transaction of $198,536.00. Following the completion of the sale, the chief financial officer now owns 184,251 shares of the company’s stock, valued at approximately $2,395,263. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 99,178 shares of company stock worth $1,339,901. 26.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Warby Parker

A number of institutional investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. increased its stake in shares of Warby Parker by 79.9% in the 1st quarter. Advisors Asset Management Inc. now owns 5,125 shares of the company’s stock worth $70,000 after acquiring an additional 2,276 shares during the last quarter. First Eagle Investment Management LLC acquired a new stake in Warby Parker during the second quarter worth about $131,000. Choreo LLC acquired a new stake in Warby Parker during the second quarter worth about $167,000. Sciencast Management LP purchased a new position in Warby Parker during the first quarter worth about $145,000. Finally, AQR Capital Management LLC purchased a new stake in shares of Warby Parker in the 2nd quarter valued at approximately $186,000. Hedge funds and other 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.