Warby Parker (NYSE:WRBY) Stock Price Down 3.6% Following Insider Selling

Warby Parker Inc. (NYSE:WRBY)’s stock price dropped 3.6% on Tuesday after an insider sold shares in the company. The stock traded as low as $25.93 and last traded at $26.35. Approximately 138,061 shares were traded during trading, a decline of 91% from the average daily volume of 1,608,833 shares. The stock had previously closed at $27.33.

Specifically, CEO Neil Harris Blumenthal sold 50,000 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $27.61, for a total value of $1,380,500.00. Following the completion of the sale, the chief executive officer now owns 12,177 shares in the company, valued at $336,206.97. This represents a 80.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Analyst Upgrades and Downgrades

WRBY has been the topic of several recent analyst reports. JMP Securities upped their price target on Warby Parker from $23.00 to $28.00 and gave the company a “market outperform” rating in a research report on Monday, December 16th. Evercore ISI reiterated an “in-line” rating and issued a $23.00 target price on shares of Warby Parker in a report on Friday, January 17th. Morgan Stanley raised their price target on shares of Warby Parker from $17.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. William Blair upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 7th. Finally, Piper Sandler lifted their target price on shares of Warby Parker from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Warby Parker has an average rating of “Moderate Buy” and an average target price of $21.77.

Warby Parker Stock Performance

The firm has a 50 day moving average of $25.06 and a two-hundred day moving average of $19.50. The stock has a market cap of $2.73 billion, a P/E ratio of -99.54 and a beta of 1.90.

Institutional Investors Weigh In On Warby Parker

Several hedge funds have recently modified their holdings of the business. Global Retirement Partners LLC bought a new position in Warby Parker during the fourth quarter worth $25,000. KBC Group NV grew its position in Warby Parker by 39.3% in the 4th quarter. KBC Group NV now owns 4,743 shares of the company’s stock worth $115,000 after purchasing an additional 1,339 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings 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 period. Rhumbline Advisers raised its position in shares of Warby Parker by 2.2% during the fourth quarter. Rhumbline Advisers now owns 123,915 shares of the company’s stock valued at $3,000,000 after buying an additional 2,634 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake 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 period. 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.