Warby Parker (NYSE:WRBY) Given Outperform Rating at Telsey Advisory Group

Warby Parker (NYSE:WRBY)‘s stock had its “outperform” rating reiterated by Telsey Advisory Group in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $32.00 price target on the stock. Telsey Advisory Group’s target price would indicate a potential upside of 32.29% from the stock’s current price.

Several other brokerages have also recently weighed in on WRBY. BTIG Research boosted their price objective on Warby Parker from $25.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Warby Parker in a research note on Monday, December 29th. Robert W. Baird set a $35.00 target price on Warby Parker in a research report on Wednesday, December 17th. Citizens Jmp upgraded Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 price target on the stock in a research report on Wednesday, December 10th. Finally, UBS Group reduced their price objective on Warby Parker from $23.00 to $20.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Warby Parker currently has an average rating of “Moderate Buy” and an average target price of $27.38.

Warby Parker Trading Down 5.2%

NYSE WRBY opened at $24.19 on Tuesday. Warby Parker has a 1-year low of $13.63 and a 1-year high of $31.00. The stock’s 50 day moving average is $25.46 and its two-hundred day moving average is $24.15. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of 2,419.00 and a beta of 2.05.

Insiders Place Their Bets

In other Warby Parker news, Director Youngme E. Moon sold 38,832 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $29.07, for a total transaction of $1,128,846.24. Following the transaction, the director owned 27,057 shares in the company, valued at approximately $786,546.99. This represents a 58.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Joel E. Cutler sold 19,932 shares of Warby Parker stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $26.01, for a total value of $518,431.32. Following the transaction, the director owned 20,000 shares of the company’s stock, valued at $520,200. This trade represents a 49.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 359,424 shares of company stock worth $9,813,571. 18.24% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its holdings in shares of Warby Parker by 259.3% in the third quarter. Farther Finance Advisors LLC now owns 1,193 shares of the company’s stock valued at $33,000 after acquiring an additional 861 shares in the last quarter. First Horizon Corp grew its position in shares of Warby Parker by 96.7% in the fourth quarter. First Horizon Corp now owns 1,210 shares of the company’s stock valued at $26,000 after purchasing an additional 595 shares in the last quarter. Eagle Bay Advisors LLC purchased a new position in shares of Warby Parker in the fourth quarter valued at $35,000. PNC Financial Services Group Inc. raised its stake in shares of Warby Parker by 400.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company’s stock valued at $35,000 after purchasing an additional 1,281 shares during the period. Finally, Huntington National Bank boosted its stake in Warby Parker by 111.0% in the 2nd quarter. Huntington National Bank now owns 1,675 shares of the company’s stock worth $37,000 after purchasing an additional 881 shares during the period. 93.24% of the stock is currently owned by hedge funds and other institutional investors.

About Warby Parker

Warby Parker, Inc (NYSE: WRBY) is a U.S.-based eyewear company that designs, manufactures and sells prescription glasses, sunglasses and contact lenses through a direct-to-consumer model. Since its founding, the company has combined online and brick-and-mortar channels to streamline the customer experience, offering features such as virtual try-on technology and a home try-on program that allows consumers to sample frames before purchase.

Established in 2010 by Wharton graduates Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker set out to disrupt the traditional optical market by controlling the entire supply chain—from frame design and lens production to warehousing and distribution.