Traders Purchase High Volume of Put Options on Warby Parker (NYSE:WRBY)

Warby Parker Inc. (NYSE:WRBY) was the target of some unusual options trading activity on Tuesday. Traders acquired 5,143 put options on the stock. This is an increase of approximately 341% compared to the typical volume of 1,166 put options.

Analysts Set New Price Targets

A number of brokerages have issued reports on WRBY. Telsey Advisory Group reissued an “outperform” rating and issued a $24.00 target price on shares of Warby Parker in a research report on Tuesday, November 18th. Wall Street Zen downgraded Warby Parker from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Weiss Ratings restated a “hold (c-)” rating on shares of Warby Parker in a report on Wednesday, November 19th. Zacks Research raised Warby Parker from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 4th. Finally, Roth Capital set a $24.00 price target on shares of Warby Parker and gave the stock a “neutral” rating in a research note on Tuesday, August 5th. Nine investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $24.53.

Warby Parker Price Performance

Shares of WRBY stock traded up $1.02 during trading hours on Tuesday, reaching $19.79. 919,905 shares of the stock were exchanged, compared to its average volume of 2,193,772. The business’s fifty day moving average is $22.22 and its two-hundred day moving average is $22.77. The firm has a market capitalization of $2.09 billion, a P/E ratio of 1,977.00 and a beta of 2.06. Warby Parker has a 12-month low of $13.63 and a 12-month high of $29.73.

Warby Parker (NYSE:WRBY) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.03). The firm had revenue of $221.68 million for the quarter, compared to analyst estimates of $224.49 million. Warby Parker had a return on equity of 1.96% and a net margin of 0.08%.The company’s revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.03) EPS. Warby Parker has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that Warby Parker will post -0.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Neil Harris Blumenthal sold 8,416 shares of the firm’s stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $27.52, for a total transaction of $231,608.32. Following the completion of the sale, the chief executive officer directly owned 32,733 shares of the company’s stock, valued at approximately $900,812.16. This trade represents a 20.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joel E. Cutler sold 35,000 shares of Warby Parker stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $26.75, for a total transaction of $936,250.00. Following the sale, the director owned 19,932 shares of the company’s stock, valued at approximately $533,181. This represents a 63.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 85,000 shares of company stock valued at $2,312,661 in the last 90 days. Insiders own 18.24% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Man Group plc boosted its holdings in shares of Warby Parker by 1.6% in the second quarter. Man Group plc now owns 25,095 shares of the company’s stock valued at $550,000 after acquiring an additional 400 shares during the period. Choreo LLC boosted its stake in shares of Warby Parker by 4.6% during the third quarter. Choreo LLC now owns 16,605 shares of the company’s stock worth $458,000 after buying an additional 728 shares during the period. Ameritas Investment Partners Inc. increased its position in Warby Parker by 8.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 10,034 shares of the company’s stock valued at $220,000 after acquiring an additional 769 shares during the period. New York State Teachers Retirement System raised its stake in Warby Parker by 10.1% during the 3rd quarter. New York State Teachers Retirement System now owns 8,905 shares of the company’s stock valued at $246,000 after acquiring an additional 816 shares during the last quarter. Finally, Rafferty Asset Management LLC lifted its position in Warby Parker by 5.4% during the 2nd quarter. Rafferty Asset Management LLC now owns 15,899 shares of the company’s stock worth $349,000 after acquiring an additional 819 shares during the period. 93.24% of the stock is owned by hedge funds and other institutional investors.

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.