Warby Parker (NYSE:WRBY) Coverage Initiated at Piper Sandler

Piper Sandler started coverage on shares of Warby Parker (NYSE:WRBY) in a research report released on Friday morning, Marketbeat.com reports. The brokerage issued an overweight rating and a $18.00 target price on the stock.

Several other research analysts have also recently issued reports on WRBY. Loop Capital raised their price objective on Warby Parker from $15.00 to $16.00 and gave the stock a hold rating in a research note on Wednesday, July 10th. Morgan Stanley raised their price target on shares of Warby Parker from $13.00 to $14.00 and gave the stock an equal weight rating in a research report on Friday, May 10th. UBS Group upped their price objective on shares of Warby Parker from $13.00 to $15.00 and gave the company a neutral rating in a report on Friday, May 10th. Stifel Nicolaus raised their target price on shares of Warby Parker from $14.00 to $15.00 and gave the stock a hold rating in a report on Friday, August 9th. Finally, Telsey Advisory Group restated an outperform rating and set a $19.00 target price on shares of Warby Parker in a research report on Thursday, August 8th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $17.11.

Warby Parker Price Performance

Shares of WRBY stock opened at $15.68 on Friday. The business has a fifty day moving average of $15.37 and a 200 day moving average of $14.52. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of -33.35 and a beta of 1.82. Warby Parker has a 1 year low of $9.83 and a 1 year high of $17.95.

Insider Buying and Selling

In other Warby Parker news, Director Bradley E. Singer bought 50,000 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were purchased at an average cost of $13.00 per share, for a total transaction of $650,000.00. Following the transaction, the director now directly owns 100,000 shares of the company’s stock, valued at $1,300,000. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, major shareholder D1 Capital Partners L.P. sold 5,500,000 shares of Warby Parker stock in a transaction on Friday, June 14th. The shares were sold at an average price of $15.66, for a total value of $86,130,000.00. Following the sale, the insider now owns 9,444,023 shares of the company’s stock, valued at approximately $147,893,400.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bradley E. Singer acquired 50,000 shares of Warby Parker stock in a transaction on Tuesday, August 13th. The shares were bought at an average price of $13.00 per share, with a total value of $650,000.00. Following the completion of the transaction, the director now directly owns 100,000 shares of the company’s stock, valued at approximately $1,300,000. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 5,848,537 shares of company stock valued at $91,938,722. Corporate insiders own 26.55% of the company’s stock.

Institutional Trading of Warby Parker

Institutional investors and hedge funds have recently modified their holdings of the stock. Strs Ohio acquired a new stake in Warby Parker in the 4th quarter worth about $40,000. Advisors Asset Management Inc. increased its position in shares of Warby Parker by 79.9% during the first quarter. Advisors Asset Management Inc. now owns 5,125 shares of the company’s stock worth $70,000 after purchasing an additional 2,276 shares in the last quarter. First Eagle Investment Management LLC purchased a new stake in shares of Warby Parker during the second quarter worth approximately $131,000. Levin Capital Strategies L.P. acquired a new position in Warby Parker in the 4th quarter valued at $141,000. Finally, Sciencast Management LP purchased a new position in Warby Parker in the 1st quarter valued at $145,000. Hedge funds and other institutional investors 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.