Warby Parker (NYSE:WRBY) Stock Price Down 6.2% Following Insider Selling

Warby Parker Inc. (NYSE:WRBY) shares fell 6.2% during trading on Monday following insider selling activity. The company traded as low as $26.43 and last traded at $26.5410. 1,177,611 shares traded hands during trading, a decline of 73% from the average session volume of 4,296,461 shares. The stock had previously closed at $28.30.

Specifically, CEO Neil Harris Blumenthal sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $27.08, for a total transaction of $1,354,000.00. Following the transaction, the chief executive officer directly owned 37,119 shares of the company’s stock, valued at approximately $1,005,182.52. This trade represents a 57.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Neil Harris Blumenthal sold 150,000 shares of the stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $25.09, for a total value of $3,763,500.00. Following the sale, the chief executive officer directly owned 37,119 shares in the company, valued at $931,315.71. This represents a 80.16% decrease in their position. The SEC filing for this sale provides additional information.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on WRBY shares. Weiss Ratings reissued a “hold (c-)” rating on shares of Warby Parker in a report on Monday, December 29th. UBS Group reduced 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. Citizens Jmp upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a research report on Wednesday, December 10th. Robert W. Baird set a $35.00 price target on shares of Warby Parker in a research report on Wednesday, December 17th. Finally, Piper Sandler lifted their price objective on shares of Warby Parker from $22.00 to $32.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. Eleven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $26.75.

Warby Parker Price Performance

The firm has a 50-day simple moving average of $21.90 and a 200 day simple moving average of $23.57. The stock has a market capitalization of $2.81 billion, a P/E ratio of 2,653.10 and a beta of 2.05.

Warby Parker (NYSE:WRBY) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). The business had revenue of $221.68 million during the quarter, compared to the consensus estimate of $224.49 million. Warby Parker had a net margin of 0.08% and a return on equity of 1.96%. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter last year, the business earned ($0.03) EPS. Sell-side analysts anticipate that Warby Parker Inc. will post -0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC increased its stake in shares of Warby Parker by 259.3% in the third quarter. Farther Finance Advisors LLC now owns 1,193 shares of the company’s stock valued at $33,000 after buying an additional 861 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Warby Parker by 400.3% during the second quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company’s stock worth $35,000 after buying an additional 1,281 shares during the period. Huntington National Bank raised its stake in Warby Parker by 111.0% during the second quarter. Huntington National Bank now owns 1,675 shares of the company’s stock worth $37,000 after buying an additional 881 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in Warby Parker by 56.7% in the third quarter. NewEdge Advisors LLC now owns 2,350 shares of the company’s stock valued at $65,000 after buying an additional 850 shares during the period. Finally, Neo Ivy Capital Management bought a new stake in Warby Parker during the third quarter valued at $112,000. 93.24% of the stock is owned by institutional investors and hedge funds.

Warby Parker Company Profile

Warby Parker, Inc (NYSE: WRBY) is a U.S.-based eyewear company that designs, manufactures and sells prescription glasses, sunglasses and contact lenses through a direct-to-consumer model. Since its founding, the company has combined online and brick-and-mortar channels to streamline the customer experience, offering features such as virtual try-on technology and a home try-on program that allows consumers to sample frames before purchase.

Established in 2010 by Wharton graduates Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker set out to disrupt the traditional optical market by controlling the entire supply chain—from frame design and lens production to warehousing and distribution.