Morgan Stanley Issues Positive Forecast for Warby Parker (NYSE:WRBY) Stock Price

Warby Parker (NYSE:WRBY) had its price target boosted by stock analysts at Morgan Stanley from $17.00 to $23.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential downside of 7.87% from the stock’s current price.

Several other equities analysts have also weighed in on WRBY. 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 research note on Monday, October 21st. BTIG Research increased 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. William Blair upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating in a report on Thursday, November 7th. Stifel Nicolaus upped their target price on shares of Warby Parker from $17.00 to $20.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. Finally, Evercore ISI reissued an “in-line” rating and set a $23.00 price target on shares of Warby Parker in a research report on Friday. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Warby Parker presently has an average rating of “Moderate Buy” and an average price target of $21.67.

Warby Parker Price Performance

Shares of Warby Parker stock traded up $0.39 on Tuesday, hitting $24.97. 802,447 shares of the company’s stock traded hands, compared to its average volume of 1,725,085. Warby Parker has a one year low of $11.35 and a one year high of $27.10. The stock has a market capitalization of $2.54 billion, a PE ratio of -92.46 and a beta of 1.88. The firm’s 50-day moving average price is $24.11 and its two-hundred day moving average price is $18.63.

Insiders Place Their Bets

In other news, CEO Neil Harris Blumenthal sold 300,000 shares of Warby Parker stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $25.14, for a total value of $7,542,000.00. Following the sale, the chief executive officer now directly owns 12,177 shares in the company, valued at $306,129.78. This trade represents a 96.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Steven Clive Miller sold 7,016 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $23.85, for a total transaction of $167,331.60. Following the transaction, the chief financial officer now owns 182,130 shares of the company’s stock, valued at $4,343,800.50. The trade was a 3.71 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 558,032 shares of company stock worth $13,807,864. Corporate insiders own 26.55% of the company’s stock.

Institutional Trading of Warby Parker

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Dakota Wealth Management acquired a new position in Warby Parker during the fourth quarter valued at approximately $895,000. Perpetual Ltd bought a new stake in shares of Warby Parker during the 4th quarter worth approximately $488,000. Geode Capital Management LLC boosted its holdings in shares of Warby Parker by 7.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,970,620 shares of the company’s stock valued at $32,187,000 after buying an additional 144,623 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Warby Parker in the third quarter valued at $318,000. Finally, XTX Topco Ltd increased its holdings in Warby Parker by 71.8% during the third quarter. XTX Topco Ltd now owns 44,145 shares of the company’s stock worth $721,000 after buying an additional 18,443 shares during the last quarter. Institutional investors and hedge funds own 93.24% of the company’s stock.

Warby Parker Company Profile

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.