The retailer reported slimmer-than-expected losses for the quarter
The shares of eyeglasses retailer Warby Parker Inc (NYSE:WRBY) are on the rise this morning, last seen up 6.8% at $15.14, following the firm's mostly upbeat quarterly report. The company reported slimmer-than-expected losses of 1 cent per share on revenue that just barely topped analysts' estimates, sharing an 8.7% rise in active customers as well. On the other hand, WRBY slashed its full-year sales forecast amid an "uncertain macroeconomic environment," according to its Chief Financial Officer Steve Miller.
Warby Parker stock has been steadily rebounding off its July 6 record low of $10.86, adding a little over 10% last month, and already up 14.5% in August. What's more, today's pop has the stock ready to reclaim its 70-day moving average for the first time since early April. Year-to-date, however, the security is still down roughly 69%.
Analysts have yet to chime in on the retail name, though those in coverage were split coming into today. Of the 10 brokerages, five say "strong buy," and five say "hold." Meanwhile, the 12-month consensus price target of $19.90 is a 27.8% premium to last night's close.
Short sellers were jumping ship ahead of Warby Parker's earnings event, down 13% in the last two reporting periods. Bears are still firmly in control though, as the 20.12 million shares sold short make up 22.8% of the security's available float, and would take almost two weeks to cover at WRBY's average daily pace of trading.