Warby Parker (NYSE:WRBY) Shares Down 6.6% – What’s Next?

Warby Parker Inc. (NYSE:WRBY)’s stock price dropped 6.6% during mid-day trading on Tuesday . The company traded as low as $25.10 and last traded at $26.7620. Approximately 5,404,937 shares traded hands during mid-day trading, an increase of 75% from the average daily volume of 3,083,103 shares. The stock had previously closed at $28.65.

Analysts Set New Price Targets

WRBY has been the subject of a number of research analyst reports. Telsey Advisory Group lifted their target price on shares of Warby Parker from $32.00 to $33.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. UBS Group increased their price objective on shares of Warby Parker from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Citigroup increased their price objective on shares of Warby Parker from $18.00 to $24.00 and gave the stock a “neutral” rating in a report on Tuesday, March 17th. Piper Sandler reissued an “overweight” rating on shares of Warby Parker in a report on Tuesday. Finally, BTIG Research increased their price objective on shares of Warby Parker from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.50.

Warby Parker Stock Up 0.3%

The firm has a market cap of $2.63 billion, a price-to-earnings ratio of 305.62 and a beta of 1.95. The business’s fifty day moving average is $23.67 and its two-hundred day moving average is $23.54.

Warby Parker (NYSE:WRBY) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.08). The company had revenue of $242.45 million during the quarter, compared to analyst estimates of $239.44 million. Warby Parker had a net margin of 0.15% and a return on equity of 2.30%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.03 EPS. Research analysts forecast that Warby Parker Inc. will post 0.24 EPS for the current year.

Insider Buying and Selling

In related news, Director Bradley E. Singer sold 4,833 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $29.01, for a total value of $140,205.33. Following the completion of the sale, the director owned 100,000 shares of the company’s stock, valued at $2,901,000. This trade represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Neil Harris Blumenthal sold 63,040 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $30.03, for a total transaction of $1,893,091.20. Following the completion of the sale, the chief executive officer directly owned 50,165 shares of the company’s stock, valued at approximately $1,506,454.95. This represents a 55.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 203,833 shares of company stock valued at $5,509,808. 16.80% of the stock is currently owned by company insiders.

Institutional Trading of Warby Parker

Institutional investors have recently bought and sold shares of the business. First Horizon Corp grew its holdings in Warby Parker by 96.7% during the 4th quarter. First Horizon Corp now owns 1,210 shares of the company’s stock worth $26,000 after acquiring an additional 595 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Warby Parker by 105.7% during the first quarter. EverSource Wealth Advisors LLC now owns 1,310 shares of the company’s stock worth $28,000 after purchasing an additional 673 shares in the last quarter. Eagle Bay Advisors LLC bought a new position in shares of Warby Parker during the fourth quarter worth $35,000. Farther Finance Advisors LLC boosted its position in shares of Warby Parker by 41.4% during the fourth quarter. Farther Finance Advisors LLC now owns 1,687 shares of the company’s stock worth $37,000 after purchasing an additional 494 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of Warby Parker by 110.7% during the first quarter. Parallel Advisors LLC now owns 1,837 shares of the company’s stock worth $39,000 after purchasing an additional 965 shares in 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.