Warby Parker (NYSE:WRBY) Stock Falls 6.6% – Here’s What Happened

Shares of Warby Parker Inc. (NYSE:WRBY) dropped 6.6% on Tuesday. The stock traded as low as $22.46 and last traded at $22.2850. 1,179,978 shares were traded during mid-day trading, a decline of 61% from the average session volume of 3,050,218 shares. The stock had previously closed at $23.86.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on WRBY. BTIG Research reaffirmed a “buy” rating on shares of Warby Parker in a research report on Tuesday, October 27th. TD Cowen began coverage on shares of Warby Parker in a research note on Friday. They set a “strong-buy” rating on the stock. Roth Capital restated a “neutral” rating and issued a $28.00 price objective on shares of Warby Parker in a report on Wednesday, August 5th. Citigroup restated a “market outperform” rating on shares of Warby Parker in a report on Thursday, September 17th. Finally, UBS Group raised their target price on shares of Warby Parker from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Warby Parker presently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Warby Parker Trading Down 6.3%

The stock has a 50 day simple moving average of $25.08 and a 200-day simple moving average of $25.21. The firm has a market capitalization of $2.42 billion, a P/E ratio of 321.36, a P/E/G ratio of 6.62 and a beta of 1.89.

Warby Parker (NYSE:WRBY) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.06). The business had revenue of $235.51 million during the quarter, compared to the consensus estimate of $237.98 million. Warby Parker had a return on equity of 3.36% and a net margin of 0.85%. The firm’s revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.01) earnings per share. As a group, sell-side analysts expect that Warby Parker Inc. will post 0.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Warby Parker

In other news, CEO Neil Blumenthal sold 100,000 shares of the stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $27.69, for a total value of $2,769,000.00. Following the completion of the sale, the chief executive officer directly owned 36,020 shares of the company’s stock, valued at $997,393.80. This represents a 73.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Warby Parker

A number of hedge funds have recently made changes to their positions in WRBY. EverSource Wealth Advisors LLC grew its holdings in Warby Parker by 105.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,310 shares of the company’s stock valued at $28,000 after buying an additional 673 shares in the last quarter. GAMMA Investing LLC increased its holdings in Warby Parker by 53.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,339 shares of the company’s stock valued at $37,000 after acquiring an additional 468 shares during the last quarter. Parallel Advisors LLC lifted its stake in Warby Parker by 110.7% in the 1st 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. Essential Partners LLC lifted its stake in Warby Parker by 44.2% in the 1st quarter. Essential Partners LLC now owns 2,570 shares of the company’s stock worth $54,000 after purchasing an additional 788 shares in the last quarter. Finally, Sterling Capital Management LLC boosted its holdings in shares of Warby Parker by 839.3% during the 3rd quarter. Sterling Capital Management LLC now owns 3,419 shares of the company’s stock valued at $95,000 after purchasing an additional 3,055 shares during the last quarter. Institutional investors own 93.24% of the company’s stock.

Warby Parker Company Profile

Warby Parker Inc is an optical retailer that designs, manufactures and sells prescription eyeglasses, sunglasses, contact lenses and related accessories. The company offers its products through its website, mobile applications and a growing network of retail stores, combining online shopping with in-person services such as frame fitting and eye examinations.

Founded in 2010 by Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker was established as a direct-to-consumer eyewear company.