Telsey Advisory Group Cuts Warby Parker (NYSE:WRBY) Price Target to $24.00

Warby Parker (NYSE:WRBY) had its target price dropped by Telsey Advisory Group from $28.00 to $24.00 in a research report issued to clients and investors on Friday, MarketBeat.com reports. The firm currently has an “outperform” rating on the stock. Telsey Advisory Group’s price objective indicates a potential upside of 45.20% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Robert W. Baird set a $30.00 target price on Warby Parker and gave the stock an “outperform” rating in a research note on Wednesday, July 30th. Roth Capital set a $24.00 target price on Warby Parker and gave the stock a “neutral” rating in a report on Tuesday, August 5th. BTIG Research cut their price target on Warby Parker from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday. Cowen reaffirmed a “buy” rating on shares of Warby Parker in a research note on Friday, August 8th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Warby Parker in a research note on Thursday, July 10th. Nine analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $24.73.

Warby Parker Stock Down 2.4%

Shares of NYSE:WRBY traded down $0.40 during midday trading on Friday, hitting $16.53. The stock had a trading volume of 1,080,751 shares, compared to its average volume of 2,122,489. The company’s 50-day moving average price is $24.37 and its 200-day moving average price is $22.54. The company has a market capitalization of $1.74 billion, a P/E ratio of -236.07 and a beta of 2.06. Warby Parker has a fifty-two week low of $13.63 and a fifty-two week high of $29.73.

Warby Parker (NYSE:WRBY) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Warby Parker had a negative net margin of 1.12% and a negative return on equity of 0.79%. The firm had revenue of $221.68 million during the quarter, compared to the consensus estimate of $224.49 million. During the same period last year, the business earned ($0.03) earnings per share. The business’s revenue was up 15.2% compared to the same quarter last year. Warby Parker has set its FY 2025 guidance at EPS. Research analysts expect that Warby Parker will post -0.12 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Teresa Briggs sold 6,000 shares of Warby Parker stock in a transaction on Monday, August 11th. The stock was sold at an average price of $23.56, for a total value of $141,360.00. Following the completion of the transaction, the director directly owned 44,879 shares in the company, valued at approximately $1,057,349.24. The trade was a 11.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $25.11, for a total transaction of $1,255,500.00. Following the completion of the sale, the chief executive officer owned 28,347 shares in the company, valued at $711,793.17. This represents a 63.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 141,000 shares of company stock valued at $3,709,521. Company insiders own 18.24% of the company’s stock.

Institutional Investors Weigh In On Warby Parker

A number of large investors have recently made changes to their positions in WRBY. New York State Teachers Retirement System bought a new position in Warby Parker in the first quarter worth $27,000. Teacher Retirement System of Texas bought a new position in shares of Warby Parker during the first quarter valued at approximately $230,000. Bank of New York Mellon Corp lifted its holdings in shares of Warby Parker by 5.4% during the first quarter. Bank of New York Mellon Corp now owns 1,721,215 shares of the company’s stock valued at $31,378,000 after purchasing an additional 88,874 shares during the last quarter. CWM LLC grew its stake in shares of Warby Parker by 231.9% in the 1st quarter. CWM LLC now owns 5,855 shares of the company’s stock worth $107,000 after buying an additional 4,091 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in Warby Parker by 6,931.8% during the 1st quarter. Victory Capital Management Inc. now owns 770,054 shares of the company’s stock valued at $14,038,000 after buying an additional 759,103 shares in the last quarter. 93.24% of the stock is currently owned by 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.