Morgan Stanley Raises Warby Parker (NYSE:WRBY) Price Target to $23.00

Warby Parker (NYSE:WRBY) had its price target increased by Morgan Stanley from $17.00 to $23.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential downside of 7.83% from the stock’s current price.

A number of other brokerages have also recently issued reports on WRBY. Robert W. Baird boosted their price objective on shares of Warby Parker from $18.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, November 8th. The Goldman Sachs Group upped their price objective on shares of Warby Parker from $20.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. JMP Securities lifted their target price on Warby Parker from $23.00 to $28.00 and gave the stock a “market outperform” rating in a report on Monday, December 16th. Piper Sandler increased their price target on Warby Parker from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft upgraded 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, October 21st. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $21.67.

Warby Parker Trading Down 2.0 %

Shares of WRBY opened at $24.96 on Tuesday. The stock has a market cap of $2.54 billion, a P/E ratio of -92.43 and a beta of 1.88. Warby Parker has a 1 year low of $11.35 and a 1 year high of $27.10. The stock’s 50-day moving average price is $24.27 and its two-hundred day moving average price is $18.74.

Insider Activity

In other news, CEO Neil Harris Blumenthal sold 300,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $25.14, for a total value of $7,542,000.00. Following the completion of the transaction, the chief executive officer now owns 12,177 shares in the company, valued at $306,129.78. This trade represents a 96.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Steven Clive Miller sold 7,016 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $23.85, for a total value of $167,331.60. Following the sale, the chief financial officer now owns 182,130 shares in the company, 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. Insiders have sold 558,032 shares of company stock worth $13,807,864 over the last ninety days. 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 made changes to their positions in the company. KBC Group NV lifted its stake in Warby Parker by 39.3% in the fourth quarter. KBC Group NV now owns 4,743 shares of the company’s stock valued at $115,000 after acquiring an additional 1,339 shares during the last quarter. AQR Capital Management LLC bought a new stake in shares of Warby Parker in the 2nd quarter valued at about $186,000. Thrivent Financial for Lutherans acquired a new stake in Warby Parker in the 3rd quarter valued at about $213,000. LVW Advisors LLC grew its holdings in Warby Parker by 27.9% during the third quarter. LVW Advisors LLC now owns 16,027 shares of the company’s stock worth $262,000 after purchasing an additional 3,500 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in Warby Parker during the third quarter worth approximately $318,000. 93.24% of the stock is owned by 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.