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

Warby Parker Inc. (NYSE:WRBY)’s share price dropped 3.1% on Monday . The company traded as low as $20.15 and last traded at $19.82. Approximately 72,112 shares were traded 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

WRBY has been the subject of a number of research reports. 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 report on Tuesday, January 21st. Roth Capital raised shares of Warby Parker to a “strong-buy” rating in a report on Monday, February 24th. JMP Securities raised their price target on shares of Warby Parker from $23.00 to $28.00 and gave the company a “market outperform” rating in a report on Monday, December 16th. Robert W. Baird lifted their target price on shares of Warby Parker from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and set a $28.00 target price on shares of Warby Parker in a report on Thursday, February 27th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.43.

Warby Parker Trading Down 12.4 %

The company has a market cap of $1.85 billion, a price-to-earnings ratio of -66.02 and a beta of 1.91. The firm’s fifty day moving average price is $24.62 and its 200-day moving average price is $21.29.

Insider Activity

In related news, CFO Steven Clive Miller sold 11,684 shares of the company’s stock in a transaction 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 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 represents a 5.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Neil Harris Blumenthal sold 93,946 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $25.08, for a total transaction of $2,356,165.68. Following the completion of the transaction, the chief executive officer now directly owns 12,177 shares of the company’s stock, valued at approximately $305,399.16. The trade was a 88.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 483,597 shares of company stock valued at $12,211,257 in the last quarter. Company insiders own 26.55% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

Large investors have recently modified their holdings of the business. State Street Corp boosted its stake in shares of Warby Parker by 3.2% during the 3rd quarter. State Street Corp now owns 2,209,025 shares of the company’s stock worth $36,073,000 after buying an additional 69,108 shares during the last quarter. Blueshift Asset Management LLC acquired a new position in shares of Warby Parker during the 3rd quarter worth about $1,223,000. Loomis Sayles & Co. L P boosted its stake in shares of Warby Parker by 20.3% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,782,629 shares of the company’s stock worth $29,111,000 after buying an additional 300,891 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Warby Parker by 193.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 89,620 shares of the company’s stock worth $1,463,000 after buying an additional 59,121 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Warby Parker during the 3rd quarter worth about $495,000. 93.24% of the stock is currently 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.