Warby Parker (NYSE:WRBY) Trading Down 6.6% – Here’s Why

Warby Parker Inc. (NYSE:WRBY)’s stock price dropped 6.6% during trading on Friday . The stock traded as low as $24.58 and last traded at $24.48. Approximately 260,435 shares changed hands during trading, a decline of 84% from the average daily volume of 1,594,262 shares. The stock had previously closed at $26.22.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on WRBY shares. Piper Sandler upped their price objective on shares of Warby Parker from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. BTIG Research lifted their price objective on Warby Parker from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 1st. JMP Securities increased their target price on Warby Parker from $23.00 to $28.00 and gave the stock a “market outperform” rating in a research note on Monday, December 16th. Evercore ISI reaffirmed an “in-line” rating and issued a $23.00 price target on shares of Warby Parker in a research report on Friday. Finally, Robert W. Baird increased their price objective on shares of Warby Parker from $18.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.92.

Warby Parker Stock Performance

The firm has a market cap of $2.50 billion, a P/E ratio of -91.04 and a beta of 1.88. The business’s 50-day simple moving average is $23.93 and its 200 day simple moving average is $18.47.

Insider Buying and Selling

In other news, CEO Neil Harris Blumenthal sold 36,163 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $22.61, for a total transaction of $817,645.43. Following the sale, the chief executive officer now directly owns 12,177 shares in the company, valued at $275,321.97. This trade represents a 74.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Steven Clive Miller sold 7,016 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $23.85, for a total value of $167,331.60. Following the sale, the chief financial officer now directly owns 182,130 shares in the company, valued at approximately $4,343,800.50. This represents a 3.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 558,032 shares of company stock valued at $13,807,864 over the last 90 days. Company insiders own 26.55% of the company’s stock.

Institutional Trading of Warby Parker

Several hedge funds have recently bought and sold shares of the stock. Janney Montgomery Scott LLC grew its stake in shares of Warby Parker by 3.4% in the 3rd 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. Hsbc Holdings PLC raised its stake in shares of Warby Parker by 11.5% in the second quarter. Hsbc Holdings PLC now owns 25,696 shares of the company’s stock valued at $413,000 after acquiring an additional 2,651 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Warby Parker by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,667 shares of the company’s stock worth $717,000 after acquiring an additional 3,007 shares during the last quarter. LVW Advisors LLC boosted its stake in shares of Warby Parker by 27.9% during the 3rd quarter. LVW Advisors LLC now owns 16,027 shares of the company’s stock worth $262,000 after purchasing an additional 3,500 shares during the period. Finally, Squarepoint Ops LLC grew its holdings in Warby Parker by 2.4% during the 2nd quarter. Squarepoint Ops LLC now owns 199,180 shares of the company’s stock valued at $3,199,000 after purchasing an additional 4,757 shares during the last quarter. Hedge funds and other institutional investors own 93.24% of the company’s stock.

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.