Warby Parker (NYSE:WRBY) Stock Price Down 9.3% – Here’s Why

Warby Parker Inc. (NYSE:WRBY) shares traded down 9.3% on Thursday. The company traded as low as $27.42 and last traded at $27.3370. 1,109,745 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 3,184,956 shares. The stock had previously closed at $30.15.

Analysts Set New Price Targets

WRBY has been the topic of several research reports. UBS Group lifted their price target on shares of Warby Parker from $28.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, November 6th. Roth Capital reiterated a “neutral” rating and set a $28.00 price objective on shares of Warby Parker in a research report on Wednesday, August 5th. Citigroup reissued a “market outperform” rating on shares of Warby Parker in a research note on Thursday, September 17th. Weiss Ratings lowered shares of Warby Parker from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, October 23rd. Finally, TD Cowen initiated coverage on shares of Warby Parker in a research note on Friday, October 30th. They set a “strong-buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $31.42.

Warby Parker Trading Down 9.9%

The company’s 50-day simple moving average is $25.25 and its 200-day simple moving average is $25.17. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of 454.64, a PEG ratio of 9.79 and a beta of 1.95.

Warby Parker (NYSE:WRBY) last issued its quarterly earnings results on Thursday, November 5th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.05). Warby Parker had a return on equity of 3.36% and a net margin of 0.80%. The business had revenue of $244.74 million for the quarter, compared to analyst estimates of $244.92 million. During the same quarter last year, the firm posted $0.05 EPS. Warby Parker’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, equities research analysts expect that Warby Parker Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Transactions at Warby Parker

In other Warby Parker news, CEO Neil Blumenthal sold 100,000 shares of Warby Parker stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $27.69, for a total transaction of $2,769,000.00. Following the transaction, the chief executive officer directly owned 36,020 shares of the company’s stock, valued at approximately $997,393.80. The trade was a 73.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Warby Parker

A number of institutional investors have recently made changes to their positions in WRBY. EverSource Wealth Advisors LLC raised its position in shares of Warby Parker by 105.7% during the first quarter. EverSource Wealth Advisors LLC now owns 1,310 shares of the company’s stock worth $28,000 after acquiring an additional 673 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Warby Parker by 53.7% in the third quarter. GAMMA Investing LLC now owns 1,339 shares of the company’s stock valued at $37,000 after acquiring an additional 468 shares during the last quarter. Parallel Advisors LLC increased its position in Warby Parker by 110.7% during the 1st quarter. Parallel Advisors LLC now owns 1,837 shares of the company’s stock valued at $39,000 after purchasing an additional 965 shares during the period. Essential Partners LLC increased its position in Warby Parker by 44.2% during the 1st quarter. Essential Partners LLC now owns 2,570 shares of the company’s stock valued at $54,000 after purchasing an additional 788 shares during the period. Finally, Advisors Asset Management Inc. acquired a new stake in Warby Parker during the 3rd quarter valued at approximately $64,000. Institutional investors own 93.24% of the company’s stock.

Warby Parker Company Profile

Warby Parker Inc. is an eyewear company that sells prescription glasses, sunglasses, and contact lenses through its website and retail stores. It also offers vision-related services, including eye exams at select locations. Founded in 2010, the company helped popularize a direct-to-consumer model for eyewear and has since expanded its network of stores. Warby Parker serves customers primarily in the United States and Canada. The company was co-founded by Neil Blumenthal, Dave Gilboa, Andrew Hunt, and Jeffrey Raider.