Warby Parker (NYSE:WRBY) Shares Down 6.6% – Time to Sell?

Warby Parker Inc. (NYSE:WRBY)’s share price traded down 6.6% on Wednesday . The stock traded as low as $25.52 and last traded at $25.4910. 1,019,058 shares traded hands during trading, a decline of 71% from the average session volume of 3,530,721 shares. The stock had previously closed at $27.29.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Robert W. Baird set a $35.00 price target on Warby Parker in a report on Wednesday, December 17th. Citigroup raised Warby Parker from a “hold” rating to an “outperform” rating in a research note on Wednesday, December 10th. Weiss Ratings reissued a “hold (c-)” rating on shares of Warby Parker in a report on Monday, December 29th. Citizens Jmp raised shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 target price on the stock in a research note on Wednesday, December 10th. Finally, Piper Sandler boosted their target price on shares of Warby Parker from $22.00 to $32.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $27.38.

Warby Parker Stock Performance

The stock’s 50-day moving average is $24.75 and its two-hundred day moving average is $24.08. The stock has a market cap of $2.69 billion, a PE ratio of 2,544.00 and a beta of 2.05.

Warby Parker (NYSE:WRBY) last announced its earnings results on Thursday, November 6th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Warby Parker had a net margin of 0.08% and a return on equity of 1.96%. The firm had revenue of $221.68 million during the quarter, compared to analysts’ expectations of $224.49 million. During the same period in the previous year, the firm earned ($0.03) EPS. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. Analysts forecast that Warby Parker Inc. will post -0.12 EPS for the current year.

Insider Buying and Selling at Warby Parker

In other news, Director Joel E. Cutler sold 19,932 shares of the stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $26.01, for a total value of $518,431.32. Following the sale, the director directly owned 20,000 shares in the company, valued at approximately $520,200. This trade represents a 49.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Youngme E. Moon sold 38,832 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $29.07, for a total value of $1,128,846.24. Following the completion of the sale, the director directly owned 27,057 shares in the company, valued at $786,546.99. This represents a 58.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 359,424 shares of company stock valued at $9,813,571 in the last three months. 18.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Warby Parker

Several hedge funds and other institutional investors have recently made changes to their positions in WRBY. First Horizon Corp boosted its holdings in Warby Parker by 96.7% in the fourth quarter. First Horizon Corp now owns 1,210 shares of the company’s stock valued at $26,000 after purchasing an additional 595 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of Warby Parker by 259.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,193 shares of the company’s stock worth $33,000 after buying an additional 861 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Warby Parker by 400.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company’s stock valued at $35,000 after buying an additional 1,281 shares in the last quarter. Eagle Bay Advisors LLC acquired a new position in shares of Warby Parker in the 4th quarter valued at $35,000. Finally, Huntington National Bank grew its position in shares of Warby Parker by 111.0% in the 2nd quarter. Huntington National Bank now owns 1,675 shares of the company’s stock valued at $37,000 after buying an additional 881 shares during the last quarter. Institutional investors and hedge funds own 93.24% of the company’s stock.

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.