Warby Parker (NYSE:WRBY) Shares Down 5.5% – Here’s Why

Warby Parker Inc. (NYSE:WRBY)’s stock price traded down 5.5% on Wednesday . The company traded as low as $22.71 and last traded at $22.83. 416,570 shares were traded during mid-day trading, a decline of 71% from the average session volume of 1,428,041 shares. The stock had previously closed at $24.15.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on WRBY. Stifel Nicolaus upped their price target on shares of Warby Parker from $14.00 to $15.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Robert W. Baird upped their target price 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. The Goldman Sachs Group raised shares of Warby Parker from a “neutral” rating to a “buy” rating and increased their price target for the company from $15.00 to $18.00 in a research note on Monday, October 21st. Deutsche Bank Aktiengesellschaft raised Warby Parker from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $15.00 to $18.00 in a report on Monday, October 21st. Finally, Telsey Advisory Group lifted their target price on Warby Parker from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.82.

Warby Parker Price Performance

The stock has a market cap of $2.33 billion, a price-to-earnings ratio of -84.07 and a beta of 1.80. The firm has a 50 day simple moving average of $17.90 and a two-hundred day simple moving average of $16.40.

Insider Buying and Selling

In related news, CEO Neil Harris Blumenthal sold 50,000 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $13.89, for a total transaction of $694,500.00. Following the completion of the sale, the chief executive officer now directly owns 12,177 shares of the company’s stock, valued at approximately $169,138.53. This represents a 80.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Steven Clive Miller sold 15,272 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $13.00, for a total transaction of $198,536.00. Following the sale, the chief financial officer now owns 184,251 shares in the company, valued at $2,395,263. This trade represents a 7.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 99,178 shares of company stock valued at $1,339,901 in the last 90 days. 26.55% of the stock is owned by insiders.

Institutional Trading of Warby Parker

A number of institutional investors have recently modified their holdings of WRBY. Vanguard Group Inc. raised its holdings in shares of Warby Parker by 2.6% in the first quarter. Vanguard Group Inc. now owns 8,677,106 shares of the company’s stock valued at $118,095,000 after purchasing an additional 219,120 shares during the last quarter. Advisors Asset Management Inc. raised its stake in shares of Warby Parker by 79.9% during the 1st quarter. Advisors Asset Management Inc. now owns 5,125 shares of the company’s stock worth $70,000 after purchasing an additional 2,276 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Warby Parker by 610.3% in the 2nd quarter. SG Americas Securities LLC now owns 91,598 shares of the company’s stock valued at $1,471,000 after buying an additional 78,702 shares during the last quarter. LVW Advisors LLC bought a new position in shares of Warby Parker in the second quarter valued at $201,000. Finally, Vaughan Nelson Investment Management L.P. increased its holdings in Warby Parker by 113.3% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 2,477,410 shares of the company’s stock worth $39,787,000 after buying an additional 1,315,672 shares during the last quarter. 93.24% of the stock is currently owned by institutional investors.

About Warby Parker

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.