Warby Parker (NYSE:WRBY) Shares Gap Up – Here’s What Happened

Warby Parker Inc. (NYSE:WRBY) shares gapped up prior to trading on Monday . The stock had previously closed at $16.55, but opened at $17.28. Warby Parker shares last traded at $16.96, with a volume of 205,879 shares traded.

Analyst Upgrades and Downgrades

WRBY has been the topic of a number of recent research reports. Telsey Advisory Group reissued an “outperform” rating and set a $19.00 price target on shares of Warby Parker in a research note on Thursday, August 8th. Piper Sandler assumed coverage on shares of Warby Parker in a research note on Friday, August 23rd. They set an “overweight” rating and a $18.00 price target for the company. Stifel Nicolaus lifted their price target 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. JMP Securities upgraded Warby Parker from a “market perform” rating to an “outperform” rating and set a $20.00 price objective for the company in a report on Friday, August 23rd. Finally, The Goldman Sachs Group raised Warby Parker from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $15.00 to $18.00 in a report on Monday. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $17.00.

Warby Parker Stock Performance

The stock has a fifty day simple moving average of $15.07 and a two-hundred day simple moving average of $15.14. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of -37.87 and a beta of 1.82.

Warby Parker (NYSE:WRBY) last released its earnings results on Thursday, August 8th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. Warby Parker had a negative return on equity of 11.09% and a negative net margin of 6.38%. The business had revenue of $188.22 million during the quarter, compared to analysts’ expectations of $186.89 million. Research analysts forecast that Warby Parker Inc. will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Warby Parker

In other news, CFO Steven Clive Miller sold 15,272 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $13.00, for a total value of $198,536.00. Following the completion of the sale, the chief financial officer now directly owns 184,251 shares in the company, valued at $2,395,263. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other Warby Parker news, CEO Neil Harris Blumenthal sold 27,143 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $13.00, for a total transaction of $352,859.00. Following the transaction, the chief executive officer now owns 12,177 shares in the company, valued at approximately $158,301. This represents a 0.00 % 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 15,272 shares of Warby Parker stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $13.00, for a total transaction of $198,536.00. Following the transaction, the chief financial officer now owns 184,251 shares of the company’s stock, valued at $2,395,263. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 99,178 shares of company stock valued at $1,339,901. Corporate insiders own 26.55% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Prentiss Smith & Co. Inc. bought a new position in Warby Parker during the 3rd quarter valued at $1,112,000. LVW Advisors LLC raised its holdings in shares of Warby Parker by 27.9% in the third quarter. LVW Advisors LLC now owns 16,027 shares of the company’s stock valued at $262,000 after purchasing an additional 3,500 shares during the last quarter. Algert Global LLC lifted its position in shares of Warby Parker by 81.8% during the second quarter. Algert Global LLC now owns 40,346 shares of the company’s stock valued at $648,000 after purchasing an additional 18,154 shares in the last quarter. Driehaus Capital Management LLC boosted its holdings in Warby Parker by 43.9% during the second quarter. Driehaus Capital Management LLC now owns 806,501 shares of the company’s stock worth $12,952,000 after purchasing an additional 246,011 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Warby Parker by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,667 shares of the company’s stock worth $717,000 after purchasing an additional 3,007 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.