Piper Sandler Cuts Warby Parker (NYSE:WRBY) Price Target to $20.00

Warby Parker (NYSE:WRBY) had its price target cut by Piper Sandler from $30.00 to $20.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also weighed in on WRBY. Stifel Nicolaus cut their target price on shares of Warby Parker from $25.00 to $18.00 and set a “hold” rating on the stock in a report on Thursday. Citigroup restated an “outperform” rating on shares of Warby Parker in a report on Friday, February 28th. Roth Capital raised Warby Parker to a “strong-buy” rating in a research report on Monday, February 24th. Morgan Stanley raised their price target on Warby Parker from $17.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $28.00 price objective on shares of Warby Parker in a research note on Thursday, February 27th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.14.

Warby Parker Stock Down 2.3 %

Shares of WRBY stock opened at $14.83 on Friday. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -54.91 and a beta of 2.00. Warby Parker has a 12 month low of $11.66 and a 12 month high of $28.68. The stock has a 50-day moving average price of $21.14 and a 200 day moving average price of $21.66.

Insider Transactions at Warby Parker

In other Warby Parker news, CEO Neil Harris Blumenthal sold 27,967 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total transaction of $657,783.84. Following the transaction, the chief executive officer now owns 23,961 shares in the company, valued at approximately $563,562.72. This represents a 53.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Steven Clive Miller sold 11,684 shares of Warby Parker stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total value of $274,807.68. Following the transaction, the chief financial officer now owns 204,727 shares of the company’s stock, valued at $4,815,179.04. This trade represents a 5.40 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 89,651 shares of company stock valued at $2,313,092. Corporate insiders own 26.55% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

A number of hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC purchased a new stake in shares of Warby Parker during the fourth quarter valued at approximately $25,000. NewEdge Advisors LLC lifted its stake in Warby Parker by 700.0% in the fourth quarter. NewEdge Advisors LLC now owns 1,200 shares of the company’s stock valued at $29,000 after purchasing an additional 1,050 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Warby Parker by 205.6% during the fourth 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 period. Comerica Bank increased its position in Warby Parker by 153.1% in the fourth quarter. Comerica Bank now owns 2,291 shares of the company’s stock worth $55,000 after buying an additional 1,386 shares during the last quarter. Finally, Anderson Financial Strategies LLC bought a new stake in shares of Warby Parker in the fourth quarter valued at $69,000. 93.24% of the stock is owned by hedge funds and other institutional investors.

About Warby Parker

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.