Warby Parker (NYSE:WRBY) Shares Down 6.1% – Here’s Why

Warby Parker Inc. (NYSE:WRBY)’s stock price was down 6.1% during mid-day trading on Monday . The stock traded as low as $24.99 and last traded at $24.8060. 490,156 shares traded hands during trading, a decline of 84% from the average daily volume of 3,153,486 shares. The stock had previously closed at $26.41.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on WRBY shares. UBS Group lifted their price target on Warby Parker from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Citigroup reissued a “market outperform” rating on shares of Warby Parker in a research note on Friday, May 22nd. Piper Sandler reaffirmed an “overweight” rating on shares of Warby Parker in a research note on Tuesday, May 19th. Weiss Ratings upgraded Warby Parker from a “sell (d)” rating to a “hold (c-)” rating in a report on Monday, May 11th. Finally, Telsey Advisory Group increased their price target on shares of Warby Parker from $32.00 to $33.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Ten research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $29.82.

Warby Parker Stock Performance

The company has a market cap of $2.63 billion, a P/E ratio of 1,229.51, a P/E/G ratio of 4.91 and a beta of 1.91. The firm has a 50 day moving average price of $26.58 and a 200-day moving average price of $25.10.

Warby Parker (NYSE:WRBY) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.08). Warby Parker had a net margin of 0.15% and a return on equity of 2.30%. The company had revenue of $242.45 million for the quarter, compared to analyst estimates of $239.44 million. During the same period in the prior year, the company posted $0.03 EPS. The business’s revenue was up 8.4% on a year-over-year basis. On average, sell-side analysts forecast that Warby Parker Inc. will post 0.19 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Bradley E. Singer sold 20,167 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $28.51, for a total transaction of $574,961.17. Following the completion of the sale, the director directly owned 104,833 shares of the company’s stock, valued at approximately $2,988,788.83. This represents a 16.13% 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 217,667 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $29.61, for a total transaction of $6,445,119.87. Following the completion of the transaction, the chief executive officer owned 31,112 shares in the company, valued at $921,226.32. The trade was a 87.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 366,207 shares of company stock worth $10,814,738. 16.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Udine Wealth Management Inc. acquired a new position in shares of Warby Parker during the 4th quarter worth about $1,284,000. TimesSquare Capital Management LLC grew its holdings in Warby Parker by 34.2% in the 4th quarter. TimesSquare Capital Management LLC now owns 1,353,554 shares of the company’s stock valued at $29,494,000 after buying an additional 344,879 shares during the last quarter. Primoris Wealth Advisors LLC acquired a new stake in Warby Parker in the 4th quarter valued at approximately $1,781,000. Wellington Shields Capital Management LLC bought a new position in Warby Parker in the 4th quarter worth approximately $935,000. Finally, Fortis Group Advisors LLC bought a new position in Warby Parker in the 4th quarter worth approximately $1,028,000. 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.