Warby Parker (NYSE:WRBY) Shares Down 5.5% – Should You Sell?

Warby Parker Inc. (NYSE:WRBY)’s share price dropped 5.5% on Wednesday . The stock traded as low as $22.71 and last traded at $22.83. Approximately 416,570 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 1,428,041 shares. The stock had previously closed at $24.15.

Analysts Set New Price Targets

WRBY has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft raised shares of Warby Parker from a “neutral” rating to a “buy” rating and raised their target price for the stock from $15.00 to $18.00 in a report on Monday, October 21st. The Goldman Sachs Group raised Warby Parker from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $15.00 to $18.00 in a report on Monday, October 21st. William Blair upgraded Warby Parker from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 7th. JMP Securities upgraded Warby Parker from a “market perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a research report on Friday, August 23rd. Finally, Stifel Nicolaus boosted their price target on Warby Parker from $14.00 to $15.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.82.

Warby Parker Stock Performance

The firm has a market cap of $2.33 billion, a P/E ratio of -84.07 and a beta of 1.80. The company’s 50 day moving average is $17.90 and its 200 day moving average is $16.40.

Insider Activity

In other Warby Parker news, CFO Steven Clive Miller sold 6,763 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $13.90, for a total transaction of $94,005.70. Following the sale, the chief financial officer now directly owns 177,488 shares of the company’s stock, valued at $2,467,083.20. The trade was a 3.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Neil Harris Blumenthal sold 27,143 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $13.00, for a total transaction of $352,859.00. Following the completion of the transaction, the chief executive officer now owns 12,177 shares of the company’s stock, valued at approximately $158,301. This trade represents a 69.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 99,178 shares of company stock worth $1,339,901. Insiders own 26.55% of the company’s stock.

Institutional Trading of Warby Parker

Institutional investors have recently modified their holdings of the business. Advisors Asset Management Inc. boosted its holdings in Warby Parker by 79.9% in the first quarter. Advisors Asset Management Inc. now owns 5,125 shares of the company’s stock valued at $70,000 after acquiring an additional 2,276 shares during the last quarter. First Eagle Investment Management LLC bought a new stake in shares of Warby Parker in the 2nd quarter valued at $131,000. Choreo LLC bought a new stake in shares of Warby Parker in the 2nd quarter valued at $167,000. AQR Capital Management LLC acquired a new position in Warby Parker in the second quarter valued at $186,000. Finally, LVW Advisors LLC bought a new stake in shares of Warby Parker during the 2nd quarter valued at about $201,000. 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.