Warby Parker (NYSE:WRBY) Trading Down 3.1% – Should You Sell?

Shares of Warby Parker Inc. (NYSE:WRBY) dropped 3.1% during mid-day trading on Monday . The company traded as low as $20.15 and last traded at $19.82. Approximately 72,112 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 1,856,273 shares. The stock had previously closed at $20.45.

Analyst Ratings Changes

WRBY has been the topic of a number of research analyst reports. The Goldman Sachs Group upped their target price on shares of Warby Parker from $20.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Morgan Stanley upped their target price on shares of Warby Parker from $17.00 to $23.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Citigroup reaffirmed an “outperform” rating on shares of Warby Parker in a report on Friday, February 28th. Roth Mkm initiated coverage on shares of Warby Parker in a report on Tuesday, February 25th. They issued a “neutral” rating and a $26.00 target price on the stock. Finally, Stifel Nicolaus upped their target price on shares of Warby Parker from $17.00 to $20.00 and gave the company a “hold” rating in a report on Wednesday, December 11th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.43.

Warby Parker Stock Down 12.4 %

The company’s fifty day moving average price is $24.62 and its 200 day moving average price is $21.29. The company has a market capitalization of $1.85 billion, a P/E ratio of -66.02 and a beta of 1.91.

Insider Transactions at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 27,967 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total transaction of $657,783.84. Following the transaction, the chief executive officer now directly owns 23,961 shares of the company’s stock, valued at approximately $563,562.72. This trade represents a 53.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Steven Clive Miller sold 11,684 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $23.52, for a total transaction of $274,807.68. Following the sale, the chief financial officer now owns 204,727 shares in the company, valued at $4,815,179.04. This represents a 5.40 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 483,597 shares of company stock valued at $12,211,257. 26.55% of the stock is currently owned by company insiders.

Institutional Trading of Warby Parker

Several large investors have recently made changes to their positions in WRBY. Natixis Advisors LLC boosted its position in shares of Warby Parker by 4.7% during the 3rd quarter. Natixis Advisors LLC now owns 466,413 shares of the company’s stock worth $7,617,000 after acquiring an additional 21,121 shares in the last quarter. Thrivent Financial for Lutherans acquired a new stake in Warby Parker in the third quarter valued at approximately $213,000. Quest Partners LLC boosted its position in Warby Parker by 77.8% in the third quarter. Quest Partners LLC now owns 42,305 shares of the company’s stock valued at $691,000 after buying an additional 18,514 shares in the last quarter. Jennison Associates LLC boosted its position in Warby Parker by 13.6% in the third quarter. Jennison Associates LLC now owns 1,939,116 shares of the company’s stock valued at $31,666,000 after buying an additional 232,530 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in Warby Parker by 193.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 89,620 shares of the company’s stock valued at $1,463,000 after buying an additional 59,121 shares in the last quarter. Institutional investors and hedge funds 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.