Warby Parker (NYSE:WRBY) Stock Price Down 5.6% Following Analyst Downgrade

Warby Parker Inc. (NYSE:WRBY)’s stock price was down 5.6% during mid-day trading on Friday after Piper Sandler lowered their price target on the stock from $30.00 to $20.00. Piper Sandler currently has an overweight rating on the stock. Warby Parker traded as low as $14.44 and last traded at $14.33. Approximately 248,815 shares changed hands during trading, a decline of 85% from the average daily volume of 1,694,644 shares. The stock had previously closed at $15.17.

Several other research firms have also recently weighed in on WRBY. Roth Mkm assumed coverage on shares of Warby Parker in a research report on Tuesday, February 25th. They set a “neutral” rating and a $26.00 price objective for the company. 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 note on Tuesday, January 21st. Telsey Advisory Group restated an “outperform” rating and set a $28.00 price objective on shares of Warby Parker in a research report on Thursday, February 27th. Citigroup reaffirmed an “outperform” rating on shares of Warby Parker in a research note on Friday, February 28th. Finally, Robert W. Baird boosted their target price on Warby Parker from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, February 28th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Warby Parker has a consensus rating of “Moderate Buy” and an average target price of $23.14.

Insider Activity at Warby Parker

In related news, CFO Steven Clive Miller sold 11,684 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total transaction of $274,807.68. Following the transaction, the chief financial officer now owns 204,727 shares in the company, valued at $4,815,179.04. The trade was a 5.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $27.61, for a total transaction of $1,380,500.00. Following the transaction, the chief executive officer now directly owns 12,177 shares in the company, valued at approximately $336,206.97. This represents a 80.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 89,651 shares of company stock worth $2,313,092 over the last three months. Company insiders own 26.55% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

A number of institutional investors and hedge funds have recently made changes to their positions in WRBY. American Century Companies Inc. raised its stake in Warby Parker by 64.7% during the 4th quarter. American Century Companies Inc. now owns 2,144,422 shares of the company’s stock worth $51,916,000 after buying an additional 842,558 shares during the period. Durable Capital Partners LP raised its position in shares of Warby Parker by 10.3% during the fourth quarter. Durable Capital Partners LP now owns 9,017,825 shares of the company’s stock worth $218,322,000 after purchasing an additional 840,797 shares during the period. Great Lakes Advisors LLC acquired a new position in shares of Warby Parker during the fourth quarter worth approximately $14,596,000. Symmetry Investments LP bought a new position in shares of Warby Parker in the 4th quarter worth $8,581,000. Finally, Raymond James Financial Inc. acquired a new stake in Warby Parker in the 4th quarter valued at $8,272,000. Institutional investors own 93.24% of the company’s stock.

Warby Parker Stock Performance

The stock’s 50 day simple moving average is $21.38 and its 200 day simple moving average is $21.62. The firm has a market cap of $1.45 billion, a P/E ratio of -52.43 and a beta of 2.00.

Warby Parker Company Profile

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.