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

Warby Parker Inc. (NYSE:WRBY)’s share 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 traded 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.

Other analysts also recently issued research reports about the company. Telsey Advisory Group restated an “outperform” rating and set a $28.00 target price on shares of Warby Parker in a research note on Thursday, February 27th. UBS Group increased their price target on shares of Warby Parker from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, February 28th. Citigroup restated an “outperform” rating on shares of Warby Parker in a research note on Friday, February 28th. JMP Securities boosted their target price on Warby Parker from $23.00 to $28.00 and gave the stock a “market outperform” rating in a report on Monday, December 16th. Finally, Morgan Stanley raised their price objective on shares of Warby Parker from $17.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $23.14.

Insiders Place Their Bets

In related news, CFO Steven Clive Miller sold 11,684 shares of the business’s stock in a transaction dated 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 directly owns 204,727 shares in the company, valued at approximately $4,815,179.04. The trade was a 5.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Neil Harris Blumenthal sold 50,000 shares of Warby Parker stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $27.61, for a total value of $1,380,500.00. Following the sale, the chief executive officer now owns 12,177 shares in the company, valued at $336,206.97. The trade was a 80.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 89,651 shares of company stock worth $2,313,092. 26.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Global Retirement Partners LLC bought a new stake in shares of Warby Parker during the 4th quarter worth $25,000. NewEdge Advisors LLC boosted its stake in shares of Warby Parker by 700.0% during the fourth quarter. NewEdge Advisors LLC now owns 1,200 shares of the company’s stock valued at $29,000 after purchasing an additional 1,050 shares during the period. Jones Financial Companies Lllp grew its holdings in Warby Parker by 205.6% in the 4th quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company’s stock worth $37,000 after acquiring an additional 1,028 shares during the last quarter. Comerica Bank grew its stake in shares of Warby Parker by 153.1% in the fourth quarter. Comerica Bank now owns 2,291 shares of the company’s stock worth $55,000 after purchasing an additional 1,386 shares during the last quarter. Finally, Anderson Financial Strategies LLC bought a new stake in shares of Warby Parker in the 4th quarter worth approximately $69,000. 93.24% of the stock is owned by institutional investors.

Warby Parker Stock Down 2.3 %

The firm’s fifty day moving average is $21.14 and its two-hundred day moving average is $21.62. The firm has a market cap of $1.54 billion, a P/E ratio of -54.91 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.