Warby Parker (NYSE:WRBY) Shares Down 5.5% – What’s Next?

Warby Parker Inc. (NYSE:WRBY)’s stock price was down 5.5% during mid-day trading on Wednesday . The stock traded as low as $22.71 and last traded at $22.83. Approximately 416,570 shares changed hands 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

A number of research firms have recently issued reports on WRBY. The Goldman Sachs Group upgraded shares of Warby Parker from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $15.00 to $18.00 in a research note on Monday, October 21st. Telsey Advisory Group lifted their price target on shares of Warby Parker from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. William Blair raised shares of Warby Parker from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 7th. Robert W. Baird lifted their target price on Warby Parker from $18.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Stifel Nicolaus increased their price target on Warby Parker from $14.00 to $15.00 and gave the company a “hold” rating in a report on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.82.

Warby Parker Stock Down 5.2 %

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

Insider Activity

In other Warby Parker news, CFO Steven Clive Miller sold 15,272 shares of Warby Parker stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $13.00, for a total value of $198,536.00. Following the completion of the transaction, the chief financial officer now directly owns 184,251 shares in the company, valued at $2,395,263. The trade was a 7.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Neil Harris Blumenthal sold 27,143 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $13.00, for a total value of $352,859.00. Following the sale, the chief executive officer now owns 12,177 shares in the company, valued at $158,301. The trade was a 69.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 99,178 shares of company stock worth $1,339,901. 26.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. boosted its holdings in shares of Warby Parker by 79.9% during the first quarter. Advisors Asset Management Inc. now owns 5,125 shares of the company’s stock valued at $70,000 after acquiring an additional 2,276 shares during the period. First Eagle Investment Management LLC acquired a new position in Warby Parker during the 2nd quarter valued at about $131,000. Choreo LLC bought a new position in Warby Parker in the 2nd quarter worth about $167,000. AQR Capital Management LLC bought a new position in Warby Parker in the 2nd quarter worth about $186,000. Finally, LVW Advisors LLC acquired a new stake in shares of Warby Parker in the second quarter valued at approximately $201,000. 93.24% of the stock is currently owned by 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.