Warby Parker (NYSE:WRBY) Shares Gap Down - Here's What Happened

Warby Parker Inc. (NYSE:WRBY - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $20.35, but opened at $19.50. Warby Parker shares last traded at $18.63, with a volume of 389,233 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Citigroup reissued an "outperform" rating on shares of Warby Parker in a research report on Friday, February 28th. The Goldman Sachs Group lifted their price target on Warby Parker from $20.00 to $26.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. Roth Capital raised shares of Warby Parker to a "strong-buy" rating in a report on Monday, February 24th. Morgan Stanley increased their price objective on shares of Warby Parker from $17.00 to $23.00 and gave the company an "equal weight" rating in a research report on Tuesday, January 21st. Finally, Stifel Nicolaus increased their price objective on shares of Warby Parker from $17.00 to $20.00 and gave the company a "hold" rating in a research report on Wednesday, December 11th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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 50-day moving average price is $24.19 and its 200 day moving average price is $21.34.

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Insider Activity

In related news, CFO Steven Clive Miller sold 11,684 shares of the firm's stock in a transaction 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 completion of 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Neil Harris Blumenthal sold 300,000 shares of the firm's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $25.14, for a total transaction of $7,542,000.00. Following the transaction, the chief executive officer now directly owns 12,177 shares of the company's stock, valued at $306,129.78. The trade was a 96.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 389,651 shares of company stock worth $9,855,092 in the last three months. Company insiders own 26.55% of the company's stock.

Hedge Funds Weigh In On Warby Parker

Several institutional investors have recently bought and sold shares of the stock. American Century Companies Inc. grew its stake in shares of Warby Parker by 64.7% in the 4th quarter. American Century Companies Inc. now owns 2,144,422 shares of the company's stock worth $51,916,000 after buying an additional 842,558 shares in the last quarter. Durable Capital Partners LP grew its stake in shares of Warby Parker by 10.3% in 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 in the last quarter. Great Lakes Advisors LLC purchased a new position in shares of Warby Parker in the 4th quarter worth $14,596,000. Verition Fund Management LLC purchased a new position in shares of Warby Parker in the 3rd quarter worth $7,462,000. Finally, Symmetry Investments LP purchased a new position in shares of Warby Parker in the 4th quarter worth $8,581,000. 93.24% of the stock is owned by hedge funds and other 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.