Warby Parker (NYSE:WRBY) Shares Gap Down – Here’s What Happened

Warby Parker Inc. (NYSE:WRBY) gapped down before the market opened on Tuesday . The stock had previously closed at $20.35, but opened at $19.50. Warby Parker shares last traded at $18.63, with a volume of 389,233 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Roth Mkm assumed coverage on shares of Warby Parker in a research note on Tuesday, February 25th. They issued a “neutral” rating and a $26.00 price objective for the company. Evercore ISI reaffirmed an “in-line” rating and set a $23.00 target price on shares of Warby Parker in a report on Friday, January 17th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $28.00 price target on shares of Warby Parker in a research report on Thursday, February 27th. Robert W. Baird raised their price objective 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, Morgan Stanley upped their target price on shares of Warby Parker from $17.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Warby Parker presently has a consensus rating of “Moderate Buy” and an average price target of $23.43.

Warby Parker Trading Down 12.8 %

The firm has a 50 day moving average price of $24.80 and a 200 day moving average price of $21.27. The stock has a market capitalization of $1.84 billion, a PE ratio of -65.63 and a beta of 1.91.

Insider Activity

In other news, CEO Neil Harris Blumenthal sold 300,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were 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 owns 12,177 shares of the company’s stock, valued at approximately $306,129.78. The trade was a 96.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Steven Clive Miller sold 11,684 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total transaction of $274,807.68. Following the transaction, the chief financial officer now directly owns 204,727 shares of the company’s stock, valued at $4,815,179.04. The trade was a 5.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 539,651 shares of company stock valued at $13,617,652 in the last ninety days. Corporate insiders own 26.55% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in WRBY. Global Retirement Partners LLC purchased a new position in Warby Parker during the 4th quarter valued at approximately $25,000. NewEdge Advisors LLC raised its stake in Warby Parker by 700.0% during the fourth quarter. NewEdge Advisors LLC now owns 1,200 shares of the company’s stock valued at $29,000 after purchasing an additional 1,050 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of Warby Parker by 205.6% in the 4th quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company’s stock worth $37,000 after buying an additional 1,028 shares in the last quarter. Comerica Bank increased its holdings in shares of Warby Parker by 153.1% in the 4th quarter. Comerica Bank now owns 2,291 shares of the company’s stock worth $55,000 after buying an additional 1,386 shares during the last quarter. Finally, Anderson Financial Strategies LLC purchased a new position in Warby Parker in the fourth quarter worth about $69,000. 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.