Warby Parker (NYSE:WRBY) Shares Down 5.6% After Analyst Downgrade

Warby Parker Inc. (NYSE:WRBY - Get Free Report)'s share price dropped 5.6% during mid-day trading on Friday after JMP Securities lowered their price target on the stock from $30.00 to $22.00. JMP Securities currently has a market outperform rating on the stock. Warby Parker traded as low as $14.44 and last traded at $14.33. Approximately 248,815 shares changed hands during trading, a decline of 85% from the average daily volume of 1,694,644 shares. The stock had previously closed at $15.17.

WRBY has been the topic of several other reports. Piper Sandler cut their price objective on shares of Warby Parker from $30.00 to $20.00 and set an "overweight" rating on the stock in a research report on Friday. Roth Mkm began coverage on Warby Parker in a report on Tuesday, February 25th. They issued a "neutral" rating and a $26.00 price target on the stock. Citigroup reiterated an "outperform" rating on shares of Warby Parker in a report on Friday, February 28th. Telsey Advisory Group restated an "outperform" rating and issued a $28.00 target price on shares of Warby Parker in a research note on Thursday, February 27th. Finally, Morgan Stanley raised their price target on shares of Warby Parker from $17.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Tuesday, January 21st. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $22.71.

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Insider Buying and Selling

In other Warby Parker 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 value of $274,807.68. Following the sale, the chief financial officer now owns 204,727 shares in the company, valued at $4,815,179.04. This trade represents a 5.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Neil Harris Blumenthal sold 27,967 shares of the business's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $23.52, for a total value of $657,783.84. Following the sale, the chief executive officer now owns 23,961 shares in the company, valued at $563,562.72. This represents a 53.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 89,651 shares of company stock worth $2,313,092 in the last ninety days. 26.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Warby Parker

Several institutional investors and hedge funds have recently added to or reduced their stakes in WRBY. SG Americas Securities LLC bought a new stake in shares of Warby Parker in the first quarter worth $602,000. NBC Securities Inc. lifted its holdings in Warby Parker by 44,515.4% during the 1st quarter. NBC Securities Inc. now owns 11,600 shares of the company's stock worth $211,000 after buying an additional 11,574 shares during the period. Rhumbline Advisers grew its position in shares of Warby Parker by 5.4% in the 1st quarter. Rhumbline Advisers now owns 130,612 shares of the company's stock valued at $2,381,000 after buying an additional 6,697 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Warby Parker by 4,937.0% in the first quarter. GAMMA Investing LLC now owns 6,800 shares of the company's stock valued at $124,000 after buying an additional 6,665 shares during the period. Finally, Castleark Management LLC bought a new position in shares of Warby Parker during the fourth quarter worth about $4,294,000. 93.24% of the stock is currently owned by institutional investors and hedge funds.

Warby Parker Stock Down 0.5 %

The stock has a 50 day moving average of $20.90 and a 200 day moving average of $21.65. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of -54.76 and a beta of 2.00.

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.