Warby Parker (NYSE:WRBY) Stock Price Down 4% – Should You Sell?

Warby Parker Inc. (NYSE:WRBY) dropped 4% during trading on Friday . The stock traded as low as $25.65 and last traded at $25.20. Approximately 209,016 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 1,712,594 shares. The stock had previously closed at $26.24.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Robert W. Baird lifted their target price on shares of Warby Parker from $18.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Evercore ISI reaffirmed an “in-line” rating and set a $23.00 price objective on shares of Warby Parker in a research report on Friday, January 17th. Piper Sandler increased their target price on Warby Parker from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Morgan Stanley lifted their price target on Warby Parker from $17.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, BTIG Research raised their price objective on Warby Parker from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Warby Parker currently has an average rating of “Moderate Buy” and an average price target of $21.67.

Warby Parker Trading Down 3.3 %

The company has a market cap of $2.58 billion, a P/E ratio of -94.22 and a beta of 1.88. The stock’s 50 day moving average is $24.37 and its 200-day moving average is $18.79.

Insider Transactions at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 50,000 shares of Warby Parker stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $23.65, for a total value of $1,182,500.00. Following the completion of the sale, the chief executive officer now directly owns 12,177 shares in the company, valued at $287,986.05. The trade was a 80.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Steven Clive Miller sold 14,853 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $22.61, for a total transaction of $335,826.33. Following the transaction, the chief financial officer now directly owns 189,146 shares of the company’s stock, valued at $4,276,591.06. The trade was a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 558,032 shares of company stock worth $13,807,864. Corporate insiders own 26.55% of the company’s stock.

Institutional Investors Weigh In On Warby Parker

Several institutional investors and hedge funds have recently added to or reduced their stakes in WRBY. State Street Corp increased its holdings in Warby Parker by 3.2% during the third quarter. State Street Corp now owns 2,209,025 shares of the company’s stock valued at $36,073,000 after buying an additional 69,108 shares during the last quarter. Blueshift Asset Management LLC purchased a new stake in Warby Parker in the third quarter worth about $1,223,000. Maverick Capital Ltd. bought a new position in shares of Warby Parker in the second quarter worth about $1,465,000. Driehaus Capital Management LLC lifted its position in shares of Warby Parker by 43.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 806,501 shares of the company’s stock valued at $12,952,000 after buying an additional 246,011 shares in the last quarter. Finally, TimesSquare Capital Management LLC grew its stake in shares of Warby Parker by 12.8% during the 3rd quarter. TimesSquare Capital Management LLC now owns 1,856,370 shares of the company’s stock valued at $30,315,000 after acquiring an additional 211,050 shares during the period. Hedge funds and other institutional investors 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.