Warby Parker (NYSE:WRBY) Stock Falls 5.1% Following Insider Selling

Warby Parker Inc. (NYSE:WRBY) fell 5.1% during trading on Monday after an insider sold shares in the company. The stock traded as low as $25.58 and last traded at $25.66. Approximately 509,002 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 3,087,230 shares. The stock had previously closed at $27.03.

Specifically, CEO Neil Blumenthal sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $27.69, for a total value of $2,769,000.00. Following the completion of the transaction, the chief executive officer owned 36,020 shares in the company, valued at $997,393.80. The trade was a 73.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analyst Weigh In

WRBY has been the topic of a number of recent research reports. Citigroup reiterated a “market outperform” rating on shares of Warby Parker in a research report on Thursday, September 17th. UBS Group boosted their target price on Warby Parker from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Deutsche Bank Aktiengesellschaft set a $29.00 price target on Warby Parker in a research note on Thursday, September 17th. Bank of America initiated coverage on Warby Parker in a report on Monday, June 29th. They issued a “buy” rating and a $33.00 price target on the stock. Finally, Citizens Jmp lowered their price objective on Warby Parker from $30.00 to $29.00 and set a “market outperform” rating for the company in a research report on Friday, August 7th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Warby Parker Stock Down 1.7%

The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of 379.57, a price-to-earnings-growth ratio of 7.32 and a beta of 1.89. The company’s fifty day moving average is $25.69 and its two-hundred day moving average is $25.26.

Warby Parker (NYSE:WRBY) last released its earnings results on Thursday, August 6th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The business had revenue of $235.51 million for the quarter, compared to analyst estimates of $237.98 million. Warby Parker had a return on equity of 3.36% and a net margin of 0.85%.Warby Parker’s revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.01) EPS. On average, equities research analysts expect that Warby Parker Inc. will post 0.14 EPS for the current year.

Institutional Investors Weigh In On Warby Parker

A number of institutional investors have recently made changes to their positions in the stock. Vaughan Nelson Investment Management L.P. lifted its stake in Warby Parker by 31.3% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 3,028,307 shares of the company’s stock valued at $63,806,000 after buying an additional 722,627 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Warby Parker by 10.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,722,577 shares of the company’s stock worth $36,291,000 after buying an additional 166,235 shares during the last quarter. Bank of America Corp DE grew its position in shares of Warby Parker by 30.9% during the 1st quarter. Bank of America Corp DE now owns 1,377,646 shares of the company’s stock worth $29,027,000 after buying an additional 325,250 shares during the period. Ranger Investment Management L.P. acquired a new position in shares of Warby Parker during the 2nd quarter worth about $30,949,000. Finally, Atreides Management LP increased its stake in shares of Warby Parker by 74.8% in the 1st quarter. Atreides Management LP now owns 686,995 shares of the company’s stock valued at $14,475,000 after acquiring an additional 293,910 shares during the last quarter. 93.24% of the stock is owned by institutional investors and hedge funds.

About Warby Parker

Warby Parker Inc is an omnichannel eyewear company that designs, produces, and sells prescription eyeglasses, sunglasses, contact lenses, and related vision-care products. The company serves customers through its e-commerce platform, retail stores, and other direct-to-consumer channels, offering products under its Warby Parker brand.

Founded in 2010 by Neil Blumenthal, Dave Gilboa, Andrew Hunt, and Jeffrey Raider, Warby Parker began as an online eyewear retailer and later expanded its physical retail presence.