Warby Parker (NYSE:WRBY) Trading Down 5.2% – Here’s Why

Warby Parker Inc. (NYSE:WRBY)’s stock price was down 5.2% on Friday . The company traded as low as $24.84 and last traded at $24.9490. Approximately 300,119 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 2,469,652 shares. The stock had previously closed at $26.33.

Wall Street Analyst Weigh In

Several brokerages have commented on WRBY. Wall Street Zen lowered shares of Warby Parker from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. UBS Group lowered their price target on shares of Warby Parker from $23.00 to $20.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. Stifel Nicolaus upped their price objective on Warby Parker from $19.00 to $25.00 and gave the company a “hold” rating in a research note on Friday, December 12th. Zacks Research raised Warby Parker from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 4th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and set a $32.00 price target on shares of Warby Parker in a research report on Wednesday, December 17th. Eleven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $26.75.

Warby Parker Stock Down 5.5%

The stock has a market cap of $2.63 billion, a PE ratio of 2,484.10 and a beta of 2.06. The firm has a 50-day simple moving average of $21.18 and a 200-day simple moving average of $23.36.

Warby Parker (NYSE:WRBY) last released its quarterly earnings data 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 company had revenue of $221.68 million for the quarter, compared to the consensus estimate of $224.49 million. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. On average, research analysts expect that Warby Parker Inc. will post -0.12 earnings per share for the current year.

Insider Activity

In other news, Director Youngme E. Moon sold 38,832 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $29.07, for a total transaction of $1,128,846.24. Following the completion of the transaction, the director directly owned 27,057 shares in the company, valued at $786,546.99. The trade was a 58.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 completion of the sale, the director owned 20,000 shares in the company, valued at $520,200. This trade represents a 49.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 158,764 shares of company stock worth $4,676,278. 18.24% of the stock is owned by company insiders.

Hedge Funds Weigh In On Warby Parker

Institutional investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC grew its holdings in shares of Warby Parker by 259.3% during the third quarter. Farther Finance Advisors LLC now owns 1,193 shares of the company’s stock worth $33,000 after purchasing an additional 861 shares in the last quarter. PNC Financial Services Group Inc. increased 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 worth $35,000 after buying an additional 1,281 shares during the last quarter. Huntington National Bank raised its position in shares of Warby Parker by 111.0% during 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 in the last quarter. NewEdge Advisors LLC raised its position in shares of Warby Parker by 56.7% during the 3rd quarter. NewEdge Advisors LLC now owns 2,350 shares of the company’s stock valued at $65,000 after buying an additional 850 shares in the last quarter. Finally, Anderson Financial Strategies LLC lifted its holdings in shares of Warby Parker by 39.0% during the 1st quarter. Anderson Financial Strategies LLC now owns 3,954 shares of the company’s stock worth $72,000 after acquiring an additional 1,109 shares during the last quarter. 93.24% of the stock is currently owned by institutional investors.

Warby Parker Company Profile

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.