Warby Parker (NYSE:WRBY) Stock Price Down 4% – Time to Sell?

Warby Parker Inc. (NYSE:WRBY)’s stock price was down 4% during mid-day trading on Friday . The company traded as low as $25.65 and last traded at $25.20. Approximately 209,016 shares traded hands during trading, a decline of 88% from the average daily volume of 1,712,594 shares. The stock had previously closed at $26.24.

Analyst Upgrades and Downgrades

Several research firms have recently commented on WRBY. Telsey Advisory Group raised their price objective on shares of Warby Parker from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Morgan Stanley raised their price target 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. William Blair upgraded Warby Parker from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 7th. The Goldman Sachs Group boosted their target price on Warby Parker from $20.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, Robert W. Baird upped their price target on Warby Parker from $18.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.67.

Warby Parker Trading Down 1.0 %

The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of -96.22 and a beta of 1.88. The company’s 50 day moving average is $24.46 and its 200 day moving average is $18.89.

Insider Activity

In other news, CFO Steven Clive Miller sold 7,016 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $23.85, for a total value of $167,331.60. Following the completion of the sale, the chief financial officer now directly owns 182,130 shares of the company’s stock, valued at approximately $4,343,800.50. This represents a 3.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Neil Harris Blumenthal sold 300,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $25.14, for a total value of $7,542,000.00. Following the transaction, the chief executive officer now directly owns 12,177 shares in the company, valued at approximately $306,129.78. This represents a 96.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 558,032 shares of company stock valued at $13,807,864. Insiders own 26.55% of the company’s stock.

Institutional Trading of Warby Parker

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp lifted its holdings 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 worth $36,073,000 after purchasing an additional 69,108 shares during the period. Blueshift Asset Management LLC acquired a new stake in shares of Warby Parker in the 3rd quarter worth $1,223,000. Maverick Capital Ltd. acquired a new stake in shares of Warby Parker in the 2nd quarter worth $1,465,000. Driehaus Capital Management LLC boosted its holdings in shares of Warby Parker by 43.9% in the second quarter. Driehaus Capital Management LLC now owns 806,501 shares of the company’s stock valued at $12,952,000 after acquiring an additional 246,011 shares in the last quarter. Finally, TimesSquare Capital Management LLC increased its stake in shares of Warby Parker by 12.8% during the third quarter. TimesSquare Capital Management LLC now owns 1,856,370 shares of the company’s stock worth $30,315,000 after acquiring an additional 211,050 shares during the period. 93.24% of the stock is owned by institutional investors and hedge funds.

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.