Warby Parker (NYSE:WRBY) Shares Down 6.2% – Here’s Why

Warby Parker Inc. (NYSE:WRBY)’s stock price was down 6.2% during trading on Thursday . The company traded as low as $20.25 and last traded at $20.0870. Approximately 58,216 shares were traded during trading, a decline of 98% from the average daily volume of 3,255,454 shares. The stock had previously closed at $21.41.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on WRBY. BTIG Research upped their target price on shares of Warby Parker from $25.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Piper Sandler raised their price target on shares of Warby Parker from $22.00 to $32.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. Stifel Nicolaus upped their price objective on Warby Parker from $19.00 to $25.00 and gave the company a “hold” rating in a research note on Friday, December 12th. UBS Group reissued a “neutral” rating and issued a $20.00 target price on shares of Warby Parker in a report on Wednesday, February 25th. Finally, Citigroup raised their target price on Warby Parker from $18.00 to $24.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 17th. Ten research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.00.

Warby Parker Stock Performance

The firm has a market cap of $2.20 billion, a price-to-earnings ratio of 1,032.32 and a beta of 2.07. The business’s 50-day moving average is $24.14 and its 200-day moving average is $23.62.

Insider Activity at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 50,000 shares of Warby Parker stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $27.08, for a total value of $1,354,000.00. Following the completion of the transaction, the chief executive officer owned 37,119 shares in the company, valued at approximately $1,005,182.52. The trade was a 57.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Bradley E. Singer sold 15,793 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $27.53, for a total value of $434,781.29. Following the completion of the transaction, the director directly owned 16,026 shares in the company, valued at $441,195.78. The trade was a 49.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 216,453 shares of company stock valued at $5,572,075. Company insiders own 18.24% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

A number of institutional investors and hedge funds have recently bought and sold shares of WRBY. Caitong International Asset Management Co. Ltd bought a new stake in shares of Warby Parker during the fourth quarter worth $768,000. Virtu Financial LLC bought a new position in shares of Warby Parker in the fourth quarter valued at about $785,000. Fuller & Thaler Asset Management Inc. acquired a new position in Warby Parker during the 4th quarter worth about $46,484,000. NewEdge Advisors LLC lifted its position in Warby Parker by 638.9% during the 4th quarter. NewEdge Advisors LLC now owns 17,365 shares of the company’s stock worth $378,000 after buying an additional 15,015 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in Warby Parker during the 4th quarter worth about $839,000. Institutional investors and hedge funds own 93.24% of the company’s stock.

About Warby Parker

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.