Warby Parker (NYSE:WRBY) Trading Down 5.5% – Here’s What Happened

Warby Parker Inc. (NYSE:WRBY)’s share price was down 5.5% during trading on Wednesday . The stock traded as low as $22.71 and last traded at $22.83. Approximately 416,570 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 1,428,041 shares. The stock had previously closed at $24.15.

Wall Street Analyst Weigh In

WRBY has been the topic of a number of research reports. 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 note on Friday, November 8th. Stifel Nicolaus increased their price target on shares of Warby Parker from $14.00 to $15.00 and gave the company a “hold” rating in a research report on Friday, August 9th. The Goldman Sachs Group upgraded Warby Parker from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $15.00 to $18.00 in a research report on Monday, October 21st. BTIG Research raised their price target on Warby Parker from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, Telsey Advisory Group boosted their price target on Warby Parker from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.82.

Warby Parker Stock Down 5.2 %

The company has a 50 day moving average of $18.07 and a 200 day moving average of $16.44. The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of -84.81 and a beta of 1.80.

Insider Activity

In related news, CFO Steven Clive Miller sold 15,272 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $13.00, for a total transaction of $198,536.00. Following the completion of the transaction, the chief financial officer now owns 184,251 shares of the company’s stock, valued at approximately $2,395,263. This represents a 7.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Neil Harris Blumenthal sold 50,000 shares of Warby Parker stock in a transaction on Monday, September 9th. The shares were sold at an average price of $13.89, for a total transaction of $694,500.00. Following the completion of the transaction, the chief executive officer now owns 12,177 shares in the company, valued at approximately $169,138.53. This trade represents a 80.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 99,178 shares of company stock valued at $1,339,901 in the last 90 days. 26.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Warby Parker

A number of large investors have recently modified their holdings of the company. Vaughan Nelson Investment Management L.P. raised its holdings in Warby Parker by 113.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 2,477,410 shares of the company’s stock valued at $39,787,000 after buying an additional 1,315,672 shares during the period. Marshall Wace LLP raised its stake in shares of Warby Parker by 1,013.4% in the 2nd quarter. Marshall Wace LLP now owns 1,422,940 shares of the company’s stock valued at $22,852,000 after acquiring an additional 1,295,136 shares during the period. Renaissance Technologies LLC boosted its position in Warby Parker by 44.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,568,600 shares of the company’s stock worth $25,192,000 after purchasing an additional 481,900 shares during the period. Verition Fund Management LLC purchased a new stake in Warby Parker during the 3rd quarter worth $7,462,000. Finally, Zweig DiMenna Associates LLC purchased a new position in Warby Parker in the second quarter valued at about $5,183,000. 93.24% of the stock is currently 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.