Warby Parker (NYSE:WRBY) Trading Down 6.2% – Here’s What Happened

Warby Parker Inc. (NYSE:WRBY) dropped 6.2% during trading on Thursday . The stock traded as low as $20.25 and last traded at $20.0870. Approximately 58,216 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 3,255,454 shares. The stock had previously closed at $21.41.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Robert W. Baird set a $35.00 price objective on Warby Parker in a research report on Wednesday, December 17th. Citigroup boosted their target price on shares of Warby Parker from $18.00 to $24.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 17th. UBS Group reiterated a “neutral” rating and set a $20.00 target price on shares of Warby Parker in a research note on Wednesday, February 25th. Weiss Ratings lowered shares of Warby Parker from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, March 2nd. Finally, BTIG Research boosted their price objective on shares of Warby Parker from $25.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Ten analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Warby Parker has an average rating of “Moderate Buy” and a consensus price target of $28.00.

Warby Parker Stock Up 0.2%

The firm has a market capitalization of $2.17 billion, a P/E ratio of 1,017.06 and a beta of 2.07. The business has a 50-day moving average price of $23.89 and a 200-day moving average price of $23.56.

Insider Activity

In other Warby Parker news, Director Bradley E. Singer sold 15,793 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $27.53, for a total value of $434,781.29. Following the sale, the director directly owned 16,026 shares in the company, valued at $441,195.78. This represents a 49.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the company’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $27.08, for a total transaction of $1,354,000.00. Following the completion of the sale, the chief executive officer directly owned 37,119 shares in the company, valued at approximately $1,005,182.52. The trade was a 57.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 216,453 shares of company stock worth $5,572,075. 18.24% of the stock is owned by company insiders.

Institutional Investors Weigh In On Warby Parker

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Compass Wealth Management LLC acquired a new position in Warby Parker during the 3rd quarter worth about $2,184,000. Impax Asset Management Group plc raised its position in shares of Warby Parker by 28.3% during the 3rd quarter. Impax Asset Management Group plc now owns 385,000 shares of the company’s stock valued at $10,618,000 after acquiring an additional 85,000 shares during the last quarter. Ranger Investment Management L.P. acquired a new position in Warby Parker in the second quarter valued at about $22,198,000. JPMorgan Chase & Co. raised its position in shares of Warby Parker by 40.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,303,341 shares of the company’s stock valued at $201,426,000 after acquiring an additional 2,120,768 shares during the period. Finally, New York State Common Retirement Fund boosted its position in shares of Warby Parker by 1,112.3% during the second quarter. New York State Common Retirement Fund now owns 353,091 shares of the company’s stock worth $7,743,000 after purchasing an additional 323,965 shares in the last quarter. 93.24% of the stock is owned by institutional investors and hedge funds.

About Warby Parker

Warby Parker, Inc (NYSE: WRBY) is a U.S.-based eyewear company that designs, manufactures and sells prescription glasses, sunglasses and contact lenses through a direct-to-consumer model. Since its founding, the company has combined online and brick-and-mortar channels to streamline the customer experience, offering features such as virtual try-on technology and a home try-on program that allows consumers to sample frames before purchase.

Established in 2010 by Wharton graduates Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker set out to disrupt the traditional optical market by controlling the entire supply chain—from frame design and lens production to warehousing and distribution.