Warby Parker (NYSE:WRBY) Shares Down 3.1% – Should You Sell?

Warby Parker Inc. (NYSE:WRBY) fell 3.1% during mid-day trading on Thursday . The stock traded as low as $24.90 and last traded at $24.92. 577,223 shares were traded during trading, a decline of 60% from the average session volume of 1,444,560 shares. The stock had previously closed at $25.72.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on WRBY. Deutsche Bank Aktiengesellschaft upgraded Warby Parker from a “neutral” rating to a “buy” rating and raised their price target for the stock from $15.00 to $18.00 in a research report on Monday, October 21st. BTIG Research upped their price target on shares of Warby Parker from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 1st. Stifel Nicolaus raised their price objective on shares of Warby Parker from $17.00 to $20.00 and gave the stock a “hold” rating in a research note on Wednesday, December 11th. JMP Securities increased their price target on Warby Parker from $23.00 to $28.00 and gave the stock a “market outperform” rating in a report on Monday, December 16th. Finally, Robert W. Baird raised their price target on Warby Parker from $18.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.73.

Warby Parker Stock Performance

The company has a market cap of $2.53 billion, a price-to-earnings ratio of -92.22 and a beta of 1.93. The business has a 50-day simple moving average of $21.39 and a 200-day simple moving average of $17.43.

Insider Activity

In other news, CEO Neil Harris Blumenthal sold 50,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $23.65, for a total transaction of $1,182,500.00. Following the completion of the transaction, the chief executive officer now directly owns 12,177 shares of the company’s stock, valued at approximately $287,986.05. This represents a 80.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Steven Clive Miller sold 14,853 shares of Warby Parker stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $22.61, for a total value of $335,826.33. Following the transaction, the chief financial officer now directly owns 189,146 shares of the company’s stock, valued at $4,276,591.06. This trade represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 164,086 shares of company stock worth $3,909,698. Corporate insiders own 26.55% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC raised its holdings in shares of Warby Parker by 3.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 47,908 shares of the company’s stock valued at $782,000 after buying an additional 1,556 shares during the period. Hsbc Holdings PLC boosted its stake in shares of Warby Parker by 11.5% in the second quarter. Hsbc Holdings PLC now owns 25,696 shares of the company’s stock valued at $413,000 after purchasing an additional 2,651 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Warby Parker by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,667 shares of the company’s stock valued at $717,000 after purchasing an additional 3,007 shares in the last quarter. Arizona State Retirement System increased its stake in Warby Parker by 16.0% during the 2nd quarter. Arizona State Retirement System now owns 23,408 shares of the company’s stock worth $376,000 after buying an additional 3,224 shares during the period. Finally, LVW Advisors LLC boosted its position in Warby Parker by 27.9% in the 3rd quarter. LVW Advisors LLC now owns 16,027 shares of the company’s stock valued at $262,000 after buying an additional 3,500 shares during the last quarter. Institutional investors and hedge funds own 93.24% of the company’s stock.

About Warby Parker

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.