Warby Parker Analysts Set Price Target at $24.53 Amid Mixed Ratings

Warby Parker Inc. (NYSE: WRBY) has received an average price target of $24.53 from analysts, indicating a consensus recommendation of “Hold” from the nineteen brokerages currently covering the company, according to Marketbeat. The breakdown reveals that ten analysts have rated the stock as a hold, while nine have issued buy recommendations.

Several financial institutions have recently updated their assessments of Warby Parker. On October 6, 2023, the Goldman Sachs Group raised its price target for Warby Parker shares from $27.00 to $31.00 and maintained a “buy” rating. Conversely, the UBS Group adjusted its price objective downward from $23.00 to $20.00, assigning a “neutral” rating in a report dated November 7, 2023. The Telsey Advisory Group reaffirmed an “outperform” rating with a target price of $24.00 on November 18, 2023, while Zacks Research upgraded the stock from a “strong sell” to a “hold” on September 4, 2023.

Investors remain active in the stock, with institutional ownership accounting for approximately 93.24% of total shares. Recently, Harbor Capital Advisors Inc. bought a new position in the second quarter valued at around $1.2 million. Other notable acquisitions include Kings Path Partners LLC, which invested approximately $300,000, and Ieq Capital LLC, which increased its holdings by 113.4% during the first quarter, now owning 29,643 shares worth about $540,000.

In trading on November 6, 2023, Warby Parker shares opened at $18.79. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 1,879.00, and a beta of 2.06. The stock reached a 1-year low of $13.63 and a high of $29.73.

Warby Parker reported its most recent quarterly earnings on November 6, 2023. The company posted earnings per share (EPS) of $0.06, falling short of analysts’ expectations of $0.09 by $0.03. Revenue for the quarter totaled $221.68 million, slightly below the anticipated $224.49 million. This represents a year-over-year revenue increase of 15.2% compared to the same quarter last year, during which the company recorded an EPS of ($0.03).

Looking ahead, analysts forecast that Warby Parker will report an EPS of -0.12 for the current year.

Founded in 2010, Warby Parker Inc. is a retail company specializing in eyewear products across the United States and Canada. Its offerings include eyeglasses, sunglasses, and contact lenses, along with related accessories available through its retail locations, website, and mobile applications.