Warby Parker (NYSE:WRBY) Shares Down 3.1% – What’s Next?

Warby Parker Inc. (NYSE:WRBY)’s share price dropped 3.1% during trading on Monday . The company traded as low as $20.15 and last traded at $19.82. Approximately 72,112 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 1,856,273 shares. The stock had previously closed at $20.45.

Analysts Set New Price Targets

A number of research firms recently weighed in on WRBY. Telsey Advisory Group reissued an “outperform” rating and set a $28.00 target price on shares of Warby Parker in a research report on Thursday, February 27th. The Goldman Sachs Group boosted their price objective on Warby Parker from $20.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. UBS Group raised their target price on Warby Parker from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, February 28th. 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 report on Monday, December 16th. Finally, Morgan Stanley increased their price objective on Warby Parker from $17.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Warby Parker presently has an average rating of “Moderate Buy” and an average target price of $23.43.

Warby Parker Price Performance

The firm has a 50-day moving average of $24.92 and a 200 day moving average of $21.23. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of -74.41 and a beta of 1.91.

Insiders Place Their Bets

In other news, CFO Steven Clive Miller sold 11,684 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was 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 owns 204,727 shares in the company, valued at $4,815,179.04. The trade was a 5.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Neil Harris Blumenthal sold 56,054 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $25.09, for a total value of $1,406,394.86. Following the transaction, the chief executive officer now owns 12,177 shares in the company, valued at approximately $305,520.93. This trade represents a 82.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 539,651 shares of company stock valued at $13,617,652 over the last 90 days. 26.55% of the stock is currently owned by insiders.

Institutional Trading of Warby Parker

Several hedge funds and other institutional investors have recently bought and sold shares of WRBY. Castleark Management LLC acquired a new stake in shares of Warby Parker during the 4th quarter worth $4,294,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Warby Parker by 11.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 218,625 shares of the company’s stock valued at $5,293,000 after buying an additional 22,853 shares during the period. Two Sigma Advisers LP increased its stake in Warby Parker by 512.8% in the fourth quarter. Two Sigma Advisers LP now owns 124,400 shares of the company’s stock valued at $3,012,000 after acquiring an additional 104,100 shares during the last quarter. Two Sigma Investments LP increased its stake in shares of Warby Parker by 72.5% in the 4th quarter. Two Sigma Investments LP now owns 242,582 shares of the company’s stock valued at $5,873,000 after purchasing an additional 101,986 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp raised its stake in Warby Parker by 107.4% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 22,400 shares of the company’s stock worth $542,000 after acquiring an additional 11,600 shares in the last quarter. Institutional investors and hedge funds 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.