Warby Parker Has Ample Growth Potential

JMP Securities upgraded WRBY to “outperform”

The shares of eyeglasses retailer Warby Parker Inc (NYSE:WRBY) sport a 6.9% pre-market lead, after a bull note from JMP Securities. The analyst upgraded WRBY to “outperform” from “market perform” and set a $20 price target, citing management’s constructive commentary as a catalyst for potential growth in upcoming quarters.

In addition, Piper Sandler assumed coverage with an “overweigh” rating and $18 price objective. There’s room for more bull notes to roll in, with eight of 13 covering brokerages still recommending a tepid “hold” on Warby Parker stock. 

Short sellers are building their positions, with short interest up 2.7% in the most recent reporting period. The 11.24 million shares sold short make up 12% of the security’s available float, and would take almost eight days to cover at WRBY’s average daily pace of trading. 

Looking to open around $14.80, Warby Parker stock recently bounced off the 320-day moving average. Should these premarket gains hold, the equity is poised to cross back above its year-to-date breakeven mark. Longer term, WRBY is up 12.3% in the last 12 months.

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *