Warby Parker (NYSE:WRBY) Trading 14.7% Higher – Should You Buy?

Warby Parker Inc. (NYSE:WRBY) shares were up 14.7% during trading on Tuesday . The company traded as high as $22.15 and last traded at $20.18. Approximately 5,611,488 shares were traded during trading, an increase of 144% from the average daily volume of 2,301,900 shares. The stock had previously closed at $17.59.

Analysts Set New Price Targets

A number of analysts have weighed in on WRBY shares. Loop Capital upgraded Warby Parker from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a report on Thursday, April 17th. JMP Securities decreased their target price on Warby Parker from $30.00 to $22.00 and set a “market outperform” rating for the company in a research note on Monday, April 14th. Robert W. Baird boosted their price target on Warby Parker from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. The Goldman Sachs Group raised their price objective on shares of Warby Parker from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Finally, Roth Capital upgraded shares of Warby Parker to a “strong-buy” rating in a research note on Monday, February 24th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Warby Parker has a consensus rating of “Moderate Buy” and an average target price of $22.00.

Warby Parker Price Performance

The firm’s 50 day moving average price is $16.90 and its 200 day moving average price is $21.59. The stock has a market capitalization of $2.13 billion, a P/E ratio of -75.63 and a beta of 2.01.

Insider Buying and Selling at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 27,967 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $23.52, for a total value of $657,783.84. Following the completion of the transaction, the chief executive officer now owns 23,961 shares in the company, valued at $563,562.72. This trade represents a 53.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Steven Clive Miller sold 11,684 shares of the business’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 $274,807.68. Following the sale, the chief financial officer now owns 204,727 shares in the company, valued at approximately $4,815,179.04. This trade represents a 5.40% decrease in their position. The disclosure for this sale can be found here. 26.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Warby Parker

A number of hedge funds have recently made changes to their positions in WRBY. Global Retirement Partners LLC bought a new position in Warby Parker during the 4th quarter valued at approximately $25,000. NewEdge Advisors LLC boosted its stake in Warby Parker by 700.0% in the 4th quarter. NewEdge Advisors LLC now owns 1,200 shares of the company’s stock worth $29,000 after purchasing an additional 1,050 shares in the last quarter. New York State Teachers Retirement System bought a new position in Warby Parker in the 1st quarter worth about $27,000. Jones Financial Companies Lllp raised its holdings in Warby Parker by 205.6% in the 4th quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company’s stock worth $37,000 after acquiring an additional 1,028 shares during the last quarter. Finally, Comerica Bank boosted its position in shares of Warby Parker by 153.1% during the fourth quarter. Comerica Bank now owns 2,291 shares of the company’s stock valued at $55,000 after buying an additional 1,386 shares during the last quarter. 93.24% of the stock is owned by institutional investors.

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.