Warby Parker (NYSE:WRBY) Shares Gap Down – What’s Next?

Warby Parker Inc. (NYSE:WRBY)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $20.35, but opened at $19.50. Warby Parker shares last traded at $18.63, with a volume of 389,233 shares traded.

Analyst Upgrades and Downgrades

WRBY has been the subject of several research reports. The Goldman Sachs Group lifted their price objective on shares of Warby Parker from $20.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Roth Mkm began coverage on Warby Parker in a research report on Tuesday, February 25th. They set a “neutral” rating and a $26.00 price target on the stock. Stifel Nicolaus boosted their price objective on Warby Parker from $17.00 to $20.00 and gave the company a “hold” rating in a report on Wednesday, December 11th. JMP Securities raised their target price on Warby Parker from $23.00 to $28.00 and gave the stock a “market outperform” rating in a report on Monday, December 16th. Finally, Roth Capital raised Warby Parker to a “strong-buy” rating in a report on Monday, February 24th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Warby Parker has a consensus rating of “Moderate Buy” and a consensus target price of $23.43.

Warby Parker Trading Down 12.8 %

The business has a 50 day simple moving average of $24.80 and a 200-day simple moving average of $21.27. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of -65.63 and a beta of 1.91.

Insiders Place Their Bets

In related news, CFO Steven Clive Miller sold 11,684 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total transaction of $274,807.68. Following the completion of the sale, the chief financial officer now directly owns 204,727 shares of the company’s stock, valued at $4,815,179.04. This represents a 5.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Neil Harris Blumenthal sold 93,946 shares of Warby Parker stock in a transaction on Friday, December 20th. The stock was sold at an average price of $25.08, for a total value of $2,356,165.68. Following the completion of the transaction, the chief executive officer now owns 12,177 shares in the company, valued at $305,399.16. The trade was a 88.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 539,651 shares of company stock worth $13,617,652 over the last quarter. 26.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WRBY. Global Retirement Partners LLC bought a new position in shares of Warby Parker in the fourth quarter worth about $25,000. NewEdge Advisors LLC increased its stake in shares of Warby Parker by 700.0% in the 4th quarter. NewEdge Advisors LLC now owns 1,200 shares of the company’s stock valued at $29,000 after buying an additional 1,050 shares during the period. Jones Financial Companies Lllp lifted its holdings in Warby Parker by 205.6% in the fourth quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company’s stock valued at $37,000 after buying an additional 1,028 shares during the period. Comerica Bank boosted its position in shares of Warby Parker by 153.1% in the 4th quarter. Comerica Bank now owns 2,291 shares of the company’s stock worth $55,000 after purchasing an additional 1,386 shares during the last quarter. Finally, Anderson Financial Strategies LLC acquired a new position in shares of Warby Parker during the 4th quarter worth about $69,000. 93.24% of the stock is owned by hedge funds and other 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.