Warby Parker (NYSE:WRBY) Stock Price Down 6.6% – Here’s What Happened

Shares of Warby Parker Inc. (NYSE:WRBY) fell 6.6% during trading on Friday . The company traded as low as $24.58 and last traded at $24.48. 260,435 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 1,594,262 shares. The stock had previously closed at $26.22.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. The Goldman Sachs Group increased their price objective on Warby Parker from $20.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. BTIG Research increased their price target on Warby Parker from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. JMP Securities raised their price target on Warby Parker from $23.00 to $28.00 and gave the company a “market outperform” rating in a research note on Monday, December 16th. Robert W. Baird upped their price objective on shares of Warby Parker from $18.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Telsey Advisory Group raised their target price on shares of Warby Parker from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.92.

Warby Parker Trading Down 6.3 %

The stock has a market cap of $2.50 billion, a PE ratio of -91.04 and a beta of 1.88. The business’s 50-day moving average price is $23.93 and its 200-day moving average price is $18.47.

Insiders Place Their Bets

In other news, CEO Neil Harris Blumenthal sold 300,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $25.14, for a total transaction of $7,542,000.00. Following the transaction, the chief executive officer now owns 12,177 shares in the company, valued at $306,129.78. This represents a 96.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Steven Clive Miller sold 14,853 shares of Warby Parker stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $22.61, for a total transaction of $335,826.33. Following the completion of the sale, the chief financial officer now owns 189,146 shares of the company’s stock, valued at $4,276,591.06. This trade represents a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 558,032 shares of company stock valued at $13,807,864. 26.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Warby Parker

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WRBY. First Eagle Investment Management LLC purchased a new stake in Warby Parker during the 2nd quarter valued at about $131,000. Choreo LLC purchased a new stake in Warby Parker in the second quarter valued at approximately $167,000. AQR Capital Management LLC acquired a new position in Warby Parker in the 2nd quarter worth approximately $186,000. Thrivent Financial for Lutherans purchased a new stake in shares of Warby Parker in the 3rd quarter valued at $213,000. Finally, LVW Advisors LLC grew its position in Warby Parker by 27.9% during the 3rd quarter. LVW Advisors LLC now owns 16,027 shares of the company’s stock worth $262,000 after purchasing an additional 3,500 shares during the period. Hedge funds and other institutional investors 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.