Warby Parker (NYSE:WRBY) Shares Down 6.2% Following Insider Selling

Warby Parker Inc. (NYSE:WRBY)’s stock price fell 6.2% during trading on Monday after an insider sold shares in the company. The company traded as low as $26.43 and last traded at $26.5410. 1,177,611 shares traded hands during trading, a decline of 73% from the average session volume of 4,296,461 shares. The stock had previously closed at $28.30.

Specifically, CEO Neil Harris Blumenthal sold 50,000 shares of the business’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $27.08, for a total transaction of $1,354,000.00. Following the completion of the transaction, the chief executive officer owned 37,119 shares of the company’s stock, valued at approximately $1,005,182.52. The trade was a 57.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Neil Harris Blumenthal sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $25.09, for a total value of $3,763,500.00. Following the completion of the sale, the chief executive officer directly owned 37,119 shares in the company, valued at $931,315.71. This trade represents a 80.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. 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 report on Thursday, December 11th. Stifel Nicolaus upped their price objective on shares of Warby Parker from $19.00 to $25.00 and gave the stock a “hold” rating in a research report on Friday, December 12th. Citizens Jmp upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 target price on the stock in a research report on Wednesday, December 10th. The Goldman Sachs Group upped their price target on shares of Warby Parker from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Finally, Citigroup raised Warby Parker from a “hold” rating to an “outperform” rating in a report on Wednesday, December 10th. Eleven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $26.75.

Warby Parker Price Performance

The company has a market cap of $3.07 billion, a price-to-earnings ratio of 2,907.00 and a beta of 2.05. The business’s fifty day moving average price is $22.23 and its 200 day moving average price is $23.66.

Warby Parker (NYSE:WRBY) last announced its earnings results on Thursday, November 6th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $224.49 million. During the same period in the prior year, the business earned ($0.03) earnings per share. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. As a group, equities research analysts anticipate that Warby Parker Inc. will post -0.12 EPS for the current year.

Institutional Trading of Warby Parker

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its position in shares of Warby Parker by 259.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,193 shares of the company’s stock worth $33,000 after purchasing an additional 861 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Warby Parker by 400.3% in the second quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company’s stock valued at $35,000 after buying an additional 1,281 shares during the period. Huntington National Bank lifted its holdings in Warby Parker by 111.0% in the second quarter. Huntington National Bank now owns 1,675 shares of the company’s stock valued at $37,000 after buying an additional 881 shares during the period. NewEdge Advisors LLC boosted its position in Warby Parker by 56.7% during the third quarter. NewEdge Advisors LLC now owns 2,350 shares of the company’s stock valued at $65,000 after acquiring an additional 850 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of Warby Parker in the 3rd quarter worth about $112,000. 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.