Warby Parker (NYSE:WRBY) Stock Price Down 4.2% – Should You Sell?

Warby Parker Inc. (NYSE:WRBY) dropped 4.2% during mid-day trading on Thursday . The stock traded as low as $18.36 and last traded at $18.2760. Approximately 190,816 shares were traded during trading, a decline of 91% from the average daily volume of 2,199,432 shares. The stock had previously closed at $19.08.

Analyst Upgrades and Downgrades

WRBY has been the topic of a number of recent analyst reports. UBS Group decreased their price objective on shares of Warby Parker from $23.00 to $20.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. The Goldman Sachs Group raised their target price on Warby Parker from $27.00 to $31.00 and gave the company a “buy” rating in a report on Monday, October 6th. BTIG Research lowered their price target on Warby Parker from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Evercore ISI reaffirmed a “positive” rating on shares of Warby Parker in a research note on Thursday, August 7th. Finally, Cowen reiterated a “buy” rating on shares of Warby Parker in a research report on Friday, August 8th. Nine research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $24.53.

Warby Parker Trading Down 4.2%

The business has a 50-day moving average of $21.01 and a two-hundred day moving average of $22.81. The firm has a market cap of $1.93 billion, a P/E ratio of 1,837.00 and a beta of 2.06.

Warby Parker (NYSE:WRBY) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.06 earnings per share 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 the consensus estimate of $224.49 million. Warby Parker had a return on equity of 1.96% and a net margin of 0.08%.The business’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.03) earnings per share. As a group, equities analysts expect that Warby Parker Inc. will post -0.12 EPS for the current year.

Insider Buying and Selling at Warby Parker

In related news, Director Joel E. Cutler sold 35,000 shares of the firm’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $26.75, for a total transaction of $936,250.00. Following the completion of the transaction, the director directly owned 19,932 shares of the company’s stock, valued at $533,181. This trade represents a 63.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Neil Harris Blumenthal sold 41,084 shares of Warby Parker stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $27.53, for a total value of $1,131,042.52. Following the transaction, the chief executive officer directly owned 32,733 shares in the company, valued at $901,139.49. The trade was a 55.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 85,000 shares of company stock valued at $2,312,661 in the last ninety days. Insiders own 18.24% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

Hedge funds have recently made changes to their positions in the stock. CIBC Bancorp USA Inc. bought a new stake in Warby Parker in the third quarter valued at approximately $289,000. NewEdge Advisors LLC lifted its position in shares of Warby Parker by 56.7% in the 3rd quarter. NewEdge Advisors LLC now owns 2,350 shares of the company’s stock worth $65,000 after purchasing an additional 850 shares during the period. Shelton Capital Management boosted its stake in shares of Warby Parker by 100.6% in the 3rd quarter. Shelton Capital Management now owns 32,100 shares of the company’s stock valued at $885,000 after purchasing an additional 16,100 shares during the last quarter. Mariner LLC increased its position in shares of Warby Parker by 6.2% during the third quarter. Mariner LLC now owns 25,602 shares of the company’s stock worth $706,000 after buying an additional 1,502 shares during the period. Finally, Lombard Odier Asset Management USA Corp raised its stake in Warby Parker by 9.1% during the third quarter. Lombard Odier Asset Management USA Corp now owns 18,818 shares of the company’s stock worth $519,000 after buying an additional 1,566 shares during the last quarter. 93.24% of the stock is currently owned by 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.