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

Warby Parker Inc. (NYSE:WRBY) shares gapped up prior to trading on Thursday . The stock had previously closed at $14.26, but opened at $14.84. Warby Parker shares last traded at $14.14, with a volume of 272,019 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Piper Sandler reduced their price objective on Warby Parker from $30.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday, April 11th. Evercore ISI reiterated an “in-line” rating and set a $23.00 target price on shares of Warby Parker in a research report on Friday, January 17th. Roth Mkm assumed coverage on shares of Warby Parker in a report on Tuesday, February 25th. They issued a “neutral” rating and a $26.00 price target on the stock. Loop Capital upgraded shares of Warby Parker from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Thursday. Finally, Morgan Stanley upped their target price on shares of Warby Parker from $17.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $23.50.

Warby Parker Trading Down 0.1 %

The firm has a market cap of $1.48 billion, a P/E ratio of -52.78 and a beta of 2.00. The firm has a 50-day simple moving average of $19.95 and a 200-day simple moving average of $21.53.

Insider Buying and Selling at Warby Parker

In other Warby Parker news, CEO Neil Harris Blumenthal sold 50,000 shares of Warby Parker stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $27.61, for a total value of $1,380,500.00. Following the transaction, the chief executive officer now directly owns 12,177 shares of the company’s stock, valued at approximately $336,206.97. The trade was a 80.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Steven Clive Miller sold 11,684 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total value of $274,807.68. Following the sale, the chief financial officer now owns 204,727 shares of the company’s stock, valued at approximately $4,815,179.04. This represents a 5.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 89,651 shares of company stock worth $2,313,092 over the last quarter. Insiders own 26.55% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Arizona State Retirement System increased its stake in Warby Parker by 2.6% during the 4th quarter. Arizona State Retirement System now owns 24,881 shares of the company’s stock valued at $602,000 after purchasing an additional 619 shares in the last quarter. Mariner LLC increased its position in shares of Warby Parker by 6.5% in the 4th quarter. Mariner LLC now owns 10,772 shares of the company’s stock valued at $261,000 after acquiring an additional 660 shares during the period. Summit Investment Advisors Inc. raised its stake in Warby Parker by 10.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 9,265 shares of the company’s stock worth $224,000 after acquiring an additional 840 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in Warby Parker during the 4th quarter worth about $25,000. Finally, Jones Financial Companies Lllp grew its stake in Warby Parker by 205.6% during the 4th quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company’s stock valued at $37,000 after purchasing an additional 1,028 shares during the last quarter. 93.24% of the stock is owned by hedge funds and other institutional investors.

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.