Warby Parker (NYSE:WRBY) Stock Price Down 6.1% – Here’s Why

Warby Parker Inc. (NYSE:WRBY)’s share price fell 6.1% during trading on Monday . The stock traded as low as $24.99 and last traded at $24.8060. 490,156 shares changed hands during trading, a decline of 84% from the average daily volume of 3,153,486 shares. The stock had previously closed at $26.41.

Analyst Ratings Changes

A number of analysts recently weighed in on WRBY shares. Citigroup restated a “market outperform” rating on shares of Warby Parker in a research report on Friday, May 22nd. Bank of America began coverage on shares of Warby Parker in a research report on Monday, June 29th. They set a “buy” rating and a $33.00 price target on the stock. UBS Group lifted their price target on shares of Warby Parker from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Telsey Advisory Group boosted their price objective on shares of Warby Parker from $32.00 to $33.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Warby Parker in a research note on Tuesday, May 19th. Ten research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.82.

Warby Parker Stock Down 6.5%

The stock has a market cap of $2.64 billion, a PE ratio of 1,233.77, a P/E/G ratio of 5.28 and a beta of 1.91. The company has a fifty day moving average price of $26.71 and a 200 day moving average price of $25.06.

Warby Parker (NYSE:WRBY) last released its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.08). The company had revenue of $242.45 million during the quarter, compared to the consensus estimate of $239.44 million. Warby Parker had a net margin of 0.15% and a return on equity of 2.30%. The company’s revenue was up 8.4% on a year-over-year basis. During the same period last year, the firm posted $0.03 EPS. As a group, research analysts predict that Warby Parker Inc. will post 0.19 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Neil Harris Blumenthal sold 9,200 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $29.99, for a total value of $275,908.00. Following the transaction, the chief executive officer owned 31,112 shares in the company, valued at approximately $933,048.88. This trade represents a 22.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Teresa Briggs sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $25.94, for a total transaction of $129,700.00. Following the completion of the transaction, the director owned 48,883 shares in the company, valued at $1,268,025.02. This represents a 9.28% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 366,207 shares of company stock worth $10,814,738. Company insiders own 16.80% of the company’s stock.

Institutional Investors Weigh In On Warby Parker

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in Warby Parker by 101.0% in the 1st quarter. AQR Capital Management LLC now owns 171,271 shares of the company’s stock worth $3,122,000 after acquiring an additional 86,053 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Warby Parker by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,690 shares of the company’s stock valued at $961,000 after acquiring an additional 2,297 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Warby Parker by 96.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,888,817 shares of the company’s stock valued at $34,433,000 after acquiring an additional 929,073 shares during the last quarter. Caxton Associates LLP purchased a new stake in shares of Warby Parker during the first quarter worth about $252,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Warby Parker by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 257,020 shares of the company’s stock worth $4,685,000 after purchasing an additional 38,395 shares during the period. 93.24% of the stock is currently owned by institutional investors.

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.