Warby Parker (NYSE:WRBY) Stock Price Up 5.8% – Here’s Why

Warby Parker Inc. (NYSE:WRBY)’s stock price rose 5.8% during mid-day trading on Thursday . The stock traded as high as $26.55 and last traded at $26.43. Approximately 892,625 shares traded hands during trading, a decline of 49% from the average daily volume of 1,765,296 shares. The stock had previously closed at $24.97.

Analyst Upgrades and Downgrades

WRBY has been the subject of a number of analyst reports. Telsey Advisory Group lifted their price objective on shares of Warby Parker from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Stifel Nicolaus increased their price objective on shares of Warby Parker from $17.00 to $20.00 and gave the stock a “hold” rating in a research report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft upgraded Warby Parker from a “neutral” rating to a “buy” rating and boosted their target price for the company from $15.00 to $18.00 in a research report on Monday, October 21st. Robert W. Baird raised their price target on Warby Parker from $18.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, JMP Securities boosted their price objective on shares of Warby Parker from $23.00 to $28.00 and gave the company a “market outperform” rating in a research report on Monday, December 16th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.67.

Warby Parker Trading Up 5.2 %

The firm has a market capitalization of $2.67 billion, a PE ratio of -97.28 and a beta of 1.88. The business has a 50 day moving average price of $24.27 and a 200-day moving average price of $18.74.

Insider Transactions at Warby Parker

In related news, CEO Neil Harris Blumenthal sold 300,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $25.14, for a total value of $7,542,000.00. Following the completion of the transaction, the chief executive officer now directly owns 12,177 shares in the company, valued at approximately $306,129.78. This represents a 96.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Steven Clive Miller sold 7,016 shares of Warby Parker stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $23.85, for a total value of $167,331.60. Following the completion of the sale, the chief financial officer now owns 182,130 shares of the company’s stock, valued at $4,343,800.50. This trade represents a 3.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 558,032 shares of company stock valued at $13,807,864 in the last 90 days. 26.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Marshall Wace LLP lifted its position in shares of Warby Parker by 1,013.4% during the second quarter. Marshall Wace LLP now owns 1,422,940 shares of the company’s stock worth $22,852,000 after purchasing an additional 1,295,136 shares in the last quarter. Verition Fund Management LLC purchased a new position in Warby Parker in the 3rd quarter valued at about $7,462,000. Dimensional Fund Advisors LP grew its stake in shares of Warby Parker by 29.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,369,424 shares of the company’s stock valued at $21,994,000 after acquiring an additional 308,472 shares in the last quarter. Loomis Sayles & Co. L P grew its stake in shares of Warby Parker by 20.3% during the third quarter. Loomis Sayles & Co. L P now owns 1,782,629 shares of the company’s stock valued at $29,111,000 after acquiring an additional 300,891 shares in the last quarter. Finally, Driehaus Capital Management LLC increased its position in shares of 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 acquiring an additional 246,011 shares during the last quarter. Hedge funds and other institutional investors own 93.24% of the company’s stock.

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.