JMP Securities Forecasts Strong Price Appreciation for Warby Parker (NYSE:WRBY) Stock

Warby Parker (NYSE:WRBY) had its target price hoisted by JMP Securities from $23.00 to $28.00 in a report published on Monday,Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Other analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft raised Warby Parker from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $15.00 to $18.00 in a report on Monday, October 21st. Stifel Nicolaus upped their price target on Warby Parker from $17.00 to $20.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. The Goldman Sachs Group raised their price objective on Warby Parker from $20.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Telsey Advisory Group boosted their target price on shares of Warby Parker from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Finally, Piper Sandler raised their price target on shares of Warby Parker from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.73.

Warby Parker Stock Performance

WRBY opened at $24.20 on Monday. The company has a market capitalization of $2.46 billion, a P/E ratio of -89.63 and a beta of 1.93. The company has a 50-day moving average of $20.11 and a 200-day moving average of $17.05. Warby Parker has a 1-year low of $11.35 and a 1-year high of $24.71.

Insider Buying and Selling

In related news, CEO Neil Harris Blumenthal sold 50,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $23.65, for a total value of $1,182,500.00. Following the completion of the transaction, the chief executive officer now directly owns 12,177 shares of the company’s stock, valued at $287,986.05. This represents a 80.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Steven Clive Miller sold 14,853 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $22.61, for a total value of $335,826.33. Following the completion of the sale, the chief financial officer now owns 189,146 shares in the company, valued at approximately $4,276,591.06. This represents a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,032 shares of company stock valued at $2,503,303 in the last quarter. Company insiders own 26.55% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

Institutional investors and hedge funds have recently bought and sold shares of the stock. Marshall Wace LLP lifted its stake in shares of Warby Parker by 1,013.4% in the 2nd quarter. Marshall Wace LLP now owns 1,422,940 shares of the company’s stock worth $22,852,000 after acquiring an additional 1,295,136 shares during the period. Renaissance Technologies LLC lifted its position in Warby Parker by 44.3% in the second quarter. Renaissance Technologies LLC now owns 1,568,600 shares of the company’s stock worth $25,192,000 after purchasing an additional 481,900 shares during the period. Verition Fund Management LLC bought a new position in Warby Parker during the 3rd quarter valued at $7,462,000. Zweig DiMenna Associates LLC acquired a new position in shares of Warby Parker during the 2nd quarter valued at $5,183,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Warby Parker by 29.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,369,424 shares of the company’s stock worth $21,994,000 after buying an additional 308,472 shares in the last quarter. 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.