Warby Parker (NYSE:WRBY) Trading Down 8.7% – What’s Next?

Warby Parker Inc. (NYSE:WRBY)’s share price fell 8.7% on Friday . The company traded as low as $27.89 and last traded at $27.5870. 1,754,301 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 2,428,966 shares. The stock had previously closed at $30.23.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on WRBY shares. UBS Group reduced their price objective on Warby Parker from $23.00 to $20.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. Zacks Research raised Warby Parker from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 4th. BTIG Research raised their price target on Warby Parker from $25.00 to $32.00 and gave the company a “buy” rating in a report on Thursday. Citizens Jmp raised Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research note on Wednesday. Finally, Stifel Nicolaus boosted their target price on Warby Parker from $19.00 to $25.00 and gave the company a “hold” rating in a research note on Friday. Eleven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, Warby Parker presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.50.

Warby Parker Stock Down 5.4%

The stock has a market capitalization of $3.02 billion, a price-to-earnings ratio of 2,860.80 and a beta of 2.06. The company’s fifty day simple moving average is $20.56 and its 200 day simple moving average is $22.96.

Warby Parker (NYSE:WRBY) last posted its earnings results on Thursday, November 6th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Warby Parker had a return on equity of 1.96% and a net margin of 0.08%.The company had revenue of $221.68 million for the quarter, compared to analyst estimates of $224.49 million. During the same quarter in the prior year, the business posted ($0.03) EPS. The business’s quarterly revenue was up 15.2% compared to the same quarter last year. As a group, analysts anticipate that Warby Parker Inc. will post -0.12 earnings per share for the current year.

Insider Buying and Selling

In other Warby Parker news, CEO Neil Harris Blumenthal sold 8,416 shares of the stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $27.52, for a total transaction of $231,608.32. Following the transaction, the chief executive officer owned 32,733 shares in the company, valued at $900,812.16. This trade represents a 20.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 18.24% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Warby Parker by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 10,665,529 shares of the company’s stock valued at $294,155,000 after buying an additional 327,830 shares during the period. Durable Capital Partners LP boosted its position in shares of Warby Parker by 13.2% during the 1st quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company’s stock worth $186,172,000 after acquiring an additional 1,194,558 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Warby Parker by 40.9% in the third quarter. JPMorgan Chase & Co. now owns 7,303,341 shares of the company’s stock valued at $201,426,000 after acquiring an additional 2,120,768 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Warby Parker by 51.4% in the second quarter. Bank of New York Mellon Corp now owns 2,605,250 shares of the company’s stock valued at $57,133,000 after acquiring an additional 884,035 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Warby Parker by 14.6% during the first quarter. American Century Companies Inc. now owns 2,456,965 shares of the company’s stock valued at $44,790,000 after purchasing an additional 312,543 shares in the last quarter. Institutional investors own 93.24% of the company’s stock.

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.