Warby Parker (NYSE:WRBY) Trading Down 6.6% – Here’s Why

Warby Parker Inc. (NYSE:WRBY) shares dropped 6.6% during mid-day trading on Friday . The stock traded as low as $24.58 and last traded at $24.48. Approximately 260,435 shares were traded during trading, a decline of 84% from the average daily volume of 1,594,262 shares. The stock had previously closed at $26.22.

Analyst Upgrades and Downgrades

WRBY has been the topic of several recent research reports. Piper Sandler raised their price target on Warby Parker from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Robert W. Baird lifted their price target on shares of Warby Parker from $18.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. BTIG Research boosted their price target on shares of Warby Parker from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Evercore ISI reaffirmed an “in-line” rating and issued a $23.00 price objective on shares of Warby Parker in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Warby Parker from a “neutral” rating to a “buy” rating and upped their target price for the company from $15.00 to $18.00 in a research report on Monday, October 21st. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Warby Parker currently has an average rating of “Moderate Buy” and a consensus target price of $20.92.

Warby Parker Stock Down 6.3 %

The stock has a fifty day moving average of $24.03 and a 200-day moving average of $18.55. The firm has a market capitalization of $2.50 billion, a P/E ratio of -90.98 and a beta of 1.88.

Insider Activity

In related news, CEO Neil Harris Blumenthal sold 300,000 shares of Warby Parker stock in a transaction dated 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 sale, the chief executive officer now owns 12,177 shares of the company’s stock, valued at approximately $306,129.78. The trade was a 96.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Steven Clive Miller sold 7,016 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $23.85, for a total value of $167,331.60. Following the sale, the chief financial officer now owns 182,130 shares in the company, valued at $4,343,800.50. The trade was a 3.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 558,032 shares of company stock worth $13,807,864 over the last ninety days. Insiders own 26.55% of the company’s stock.

Institutional Trading of Warby Parker

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its stake in shares of Warby Parker by 3.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 47,908 shares of the company’s stock worth $782,000 after purchasing an additional 1,556 shares during the last quarter. Hsbc Holdings PLC raised its stake in Warby Parker by 11.5% in the second quarter. Hsbc Holdings PLC now owns 25,696 shares of the company’s stock valued at $413,000 after buying an additional 2,651 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Warby Parker by 7.2% in the second quarter. The Manufacturers Life Insurance Company now owns 44,667 shares of the company’s stock valued at $717,000 after buying an additional 3,007 shares during the last quarter. LVW Advisors LLC boosted its stake in shares of Warby Parker by 27.9% during the 3rd quarter. LVW Advisors LLC now owns 16,027 shares of the company’s stock worth $262,000 after acquiring an additional 3,500 shares during the period. Finally, Squarepoint Ops LLC increased its holdings in shares of Warby Parker by 2.4% during the 2nd quarter. Squarepoint Ops LLC now owns 199,180 shares of the company’s stock worth $3,199,000 after acquiring an additional 4,757 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.