Warby Parker (NYSE:WRBY) Shares Gap Down – Time to Sell?

Warby Parker Inc. (NYSE:WRBY) shares gapped down before the market opened on Tuesday . The stock had previously closed at $20.35, but opened at $19.50. Warby Parker shares last traded at $18.63, with a volume of 389,233 shares.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on WRBY. Morgan Stanley upped their price target on Warby Parker from $17.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Robert W. Baird upped their price target on Warby Parker from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. The Goldman Sachs Group increased their price objective on Warby Parker from $20.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Roth Capital upgraded Warby Parker to a “strong-buy” rating in a report on Monday, February 24th. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $28.00 price objective on shares of Warby Parker in a report on Thursday, February 27th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Warby Parker currently has a consensus rating of “Moderate Buy” and an average target price of $23.43.

Warby Parker Trading Up 6.8 %

The business has a 50 day moving average of $24.47 and a 200-day moving average of $21.27. The stock has a market cap of $1.97 billion, a PE ratio of -70.50 and a beta of 1.91.

Insiders Place Their Bets

In other Warby Parker news, CFO Steven Clive Miller sold 11,684 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $23.52, for a total transaction of $274,807.68. Following the completion of the sale, the chief financial officer now directly owns 204,727 shares of the company’s stock, valued at approximately $4,815,179.04. This trade represents a 5.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Neil Harris Blumenthal sold 300,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $25.14, for a total value of $7,542,000.00. Following the completion of the sale, the chief executive officer now directly owns 12,177 shares of the company’s stock, valued at $306,129.78. This represents a 96.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 483,597 shares of company stock valued at $12,211,257. 26.55% of the stock is owned by company insiders.

Institutional Trading of Warby Parker

Several hedge funds have recently modified their holdings of the business. Arizona State Retirement System lifted its holdings in shares of Warby Parker by 2.6% in the 4th quarter. Arizona State Retirement System now owns 24,881 shares of the company’s stock valued at $602,000 after buying an additional 619 shares during the period. Mariner LLC lifted its holdings in shares of Warby Parker by 6.5% in the 4th quarter. Mariner LLC now owns 10,772 shares of the company’s stock valued at $261,000 after buying an additional 660 shares during the period. Summit Investment Advisors Inc. lifted its holdings in shares of Warby Parker by 10.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 9,265 shares of the company’s stock valued at $224,000 after buying an additional 840 shares during the period. Global Retirement Partners LLC acquired a new stake in shares of Warby Parker in the 4th quarter valued at approximately $25,000. Finally, Jones Financial Companies Lllp lifted its holdings in shares of Warby Parker by 205.6% in the 4th quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company’s stock valued at $37,000 after buying an additional 1,028 shares during the period. 93.24% of the stock is owned by institutional investors and hedge funds.

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.