Warby Parker (NYSE:WRBY) Sees Strong Trading Volume – Should You Buy?

Shares of Warby Parker Inc. (NYSE:WRBY) saw unusually-strong trading volume on Thursday . Approximately 1,758,469 shares were traded during mid-day trading, an increase of 18% from the previous session’s volume of 1,491,646 shares.The stock last traded at $24.70 and had previously closed at $23.76.

Wall Street Analysts Forecast Growth

WRBY has been the subject of a number of research analyst reports. William Blair raised shares of Warby Parker from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 7th. Robert W. Baird upped their price objective on 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 lifted their target price on Warby Parker from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Citigroup restated a “sell” rating and issued a $23.00 target price (up previously from $19.00) on shares of Warby Parker in a research note on Wednesday, February 5th. Finally, Stifel Nicolaus raised their price target on shares of Warby Parker from $17.00 to $20.00 and gave the stock a “hold” rating in a research note on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Warby Parker currently has an average rating of “Moderate Buy” and an average price target of $22.21.

Warby Parker Stock Performance

The company has a market cap of $2.47 billion, a P/E ratio of -90.02 and a beta of 1.90. The business’s 50-day moving average price is $25.61 and its 200 day moving average price is $20.52.

Warby Parker (NYSE:WRBY) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.08). Warby Parker had a negative return on equity of 8.26% and a negative net margin of 4.39%. Equities research analysts forecast that Warby Parker Inc. will post -0.12 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Neil Harris Blumenthal sold 50,000 shares of Warby Parker stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $27.61, for a total transaction of $1,380,500.00. Following the completion of the sale, the chief executive officer now owns 12,177 shares of the company’s stock, valued at approximately $336,206.97. The trade was a 80.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Steven Clive Miller sold 14,853 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $22.61, for a total transaction of $335,826.33. Following the completion of the transaction, the chief financial officer now directly owns 189,146 shares in the company, valued at approximately $4,276,591.06. This represents a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 608,032 shares of company stock valued at $15,188,364. 26.55% of the stock is owned by insiders.

Institutional Trading of Warby Parker

Several hedge funds have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC lifted its holdings in shares of Warby Parker by 3.4% during the third quarter. Janney Montgomery Scott LLC now owns 47,908 shares of the company’s stock worth $782,000 after buying an additional 1,556 shares in the last quarter. AIA Group Ltd increased its position in Warby Parker by 12.2% during the third quarter. AIA Group Ltd now owns 182,573 shares of the company’s stock worth $2,981,000 after acquiring an additional 19,923 shares during the period. TimesSquare Capital Management LLC raised its stake in Warby Parker by 12.8% in the 3rd quarter. TimesSquare Capital Management LLC now owns 1,856,370 shares of the company’s stock worth $30,315,000 after purchasing an additional 211,050 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Warby Parker in the 3rd quarter valued at about $372,000. Finally, Natixis Advisors LLC grew its position in shares of Warby Parker by 4.7% during the 3rd quarter. Natixis Advisors LLC now owns 466,413 shares of the company’s stock worth $7,617,000 after purchasing an additional 21,121 shares in the last quarter. 93.24% of the stock is owned by institutional investors and hedge funds.

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.