Warby Parker (NYSE:WRBY) Trading Down 3.1% - Here's Why

Warby Parker Inc. (NYSE:WRBY - Get Free Report)'s share price was down 3.1% on Monday . The company traded as low as $20.15 and last traded at $19.82. Approximately 72,112 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 1,856,273 shares. The stock had previously closed at $20.45.

Analysts Set New Price Targets

Several equities research analysts have commented on WRBY shares. Roth Capital raised shares of Warby Parker to a "strong-buy" rating in a research report on Monday, February 24th. The Goldman Sachs Group increased their price target on Warby Parker from $20.00 to $26.00 and gave the company a "buy" rating in a research report on Tuesday, December 10th. Stifel Nicolaus boosted their price target on Warby Parker from $17.00 to $20.00 and gave the stock a "hold" rating in a research report on Wednesday, December 11th. Roth Mkm began coverage on Warby Parker in a report on Tuesday, February 25th. They issued a "neutral" rating and a $26.00 price objective for the company. Finally, Telsey Advisory Group reissued an "outperform" rating and issued a $28.00 target price on shares of Warby Parker in a research note on Thursday, February 27th. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.43.

Warby Parker Stock Performance

The stock has a market capitalization of $1.95 billion, a P/E ratio of -69.78 and a beta of 1.91. The company's fifty day simple moving average is $24.32 and its two-hundred day simple moving average is $21.26.

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Insider Transactions at Warby Parker

In other news, CFO Steven Clive Miller sold 11,684 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total transaction of $274,807.68. Following the transaction, the chief financial officer now directly owns 204,727 shares of the company's stock, valued at approximately $4,815,179.04. This trade represents a 5.40 % 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 300,000 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $25.14, for a total value of $7,542,000.00. Following the completion of the sale, the chief executive officer now owns 12,177 shares of the company's stock, valued at approximately $306,129.78. This trade represents a 96.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 389,651 shares of company stock valued at $9,855,092. 26.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Warby Parker

Hedge funds and other institutional investors have recently modified their holdings of the business. Durable Capital Partners LP lifted its position in shares of Warby Parker by 10.3% during the 4th quarter. Durable Capital Partners LP now owns 9,017,825 shares of the company's stock worth $218,322,000 after buying an additional 840,797 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its position in Warby Parker by 3.5% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 2,645,540 shares of the company's stock valued at $64,047,000 after acquiring an additional 89,835 shares during the period. State Street Corp raised its stake in shares of Warby Parker by 3.2% during the third quarter. State Street Corp now owns 2,209,025 shares of the company's stock valued at $36,073,000 after acquiring an additional 69,108 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Warby Parker by 64.7% during the fourth quarter. American Century Companies Inc. now owns 2,144,422 shares of the company's stock worth $51,916,000 after purchasing an additional 842,558 shares during the period. Finally, Renaissance Technologies LLC grew its stake in shares of Warby Parker by 18.5% in the fourth quarter. Renaissance Technologies LLC now owns 2,002,400 shares of the company's stock worth $48,478,000 after purchasing an additional 313,100 shares during the last quarter. Institutional investors own 93.24% of the company's stock.

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.