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

Shares of Warby Parker Inc. (NYSE:WRBY) dropped 5.2% during trading on Friday . The company traded as low as $24.84 and last traded at $24.9490. Approximately 300,119 shares changed hands during 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 Analysts Forecast Growth

WRBY has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Warby Parker in a report on Monday, December 22nd. UBS Group cut their price objective on Warby Parker from $23.00 to $20.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. Piper Sandler boosted their target price on Warby Parker from $22.00 to $32.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. BTIG Research increased their target price on shares of Warby Parker from $25.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Finally, Citizens Jmp upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 price target on the stock in a report on Wednesday, December 10th. Eleven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.75.

Warby Parker Stock Down 8.1%

The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 2,418.60 and a beta of 2.06. The business has a 50 day moving average price of $21.23 and a 200-day moving average price of $23.38.

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

Insider Activity at Warby Parker

In other Warby Parker news, Director Joel E. Cutler sold 19,932 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $26.01, for a total value of $518,431.32. Following the completion of the transaction, the director directly owned 20,000 shares of the company’s stock, valued at $520,200. This represents a 49.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Youngme E. Moon sold 38,832 shares of the firm’s 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 sale, the director owned 27,057 shares of the company’s stock, valued at $786,546.99. This represents a 58.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 158,764 shares of company stock valued at $4,676,278. Corporate insiders own 18.24% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Man Group plc increased its holdings in Warby Parker by 1.6% during the 2nd quarter. Man Group plc now owns 25,095 shares of the company’s stock worth $550,000 after purchasing an additional 400 shares during the last quarter. Choreo LLC grew its position in shares of Warby Parker by 4.6% during the third quarter. Choreo LLC now owns 16,605 shares of the company’s stock worth $458,000 after buying an additional 728 shares in the last quarter. Ameritas Investment Partners Inc. grew its position in shares of Warby Parker by 8.3% during the second quarter. Ameritas Investment Partners Inc. now owns 10,034 shares of the company’s stock worth $220,000 after buying an additional 769 shares in the last quarter. New York State Teachers Retirement System increased its stake in shares of Warby Parker by 10.1% in the third quarter. New York State Teachers Retirement System now owns 8,905 shares of the company’s stock worth $246,000 after buying an additional 816 shares during the last quarter. Finally, Rafferty Asset Management LLC raised its holdings in Warby Parker by 5.4% in the second quarter. Rafferty Asset Management LLC now owns 15,899 shares of the company’s stock valued at $349,000 after acquiring an additional 819 shares in the last quarter. Hedge funds and other institutional investors own 93.24% of the company’s stock.

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.