Piper Sandler Has Lowered Expectations for Warby Parker (NYSE:WRBY) Stock Price

Warby Parker (NYSE:WRBY - Free Report) had its target price cut by Piper Sandler from $30.00 to $20.00 in a research note released on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently weighed in on the stock. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $28.00 target price on shares of Warby Parker in a report on Thursday, February 27th. 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. Evercore ISI restated an "in-line" rating and set a $23.00 target price on shares of Warby Parker in a research report on Friday, January 17th. Citigroup reiterated an "outperform" rating on shares of Warby Parker in a research note on Friday, February 28th. Finally, JMP Securities increased their target price on shares of Warby Parker from $23.00 to $28.00 and gave the company a "market outperform" rating in a report on Monday, December 16th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Warby Parker currently has an average rating of "Moderate Buy" and an average price target of $22.71.

Warby Parker Price Performance

Shares of WRBY stock traded down $0.61 during midday trading on Friday, hitting $14.17. The company had a trading volume of 719,928 shares, compared to its average volume of 1,714,453. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of -52.48 and a beta of 2.00. The company's 50 day simple moving average is $20.67 and its 200 day simple moving average is $21.60. Warby Parker has a 52-week low of $11.66 and a 52-week high of $28.68.

Insider Activity at Warby Parker

In other news, CFO Steven Clive Miller sold 11,684 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total value of $274,807.68. Following the transaction, the chief financial officer now 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Neil Harris Blumenthal sold 27,967 shares of the company's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $23.52, for a total transaction of $657,783.84. Following the sale, the chief executive officer now directly owns 23,961 shares of the company's stock, valued at approximately $563,562.72. This trade represents a 53.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 89,651 shares of company stock worth $2,313,092. 26.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Warby Parker

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in Warby Parker in the first quarter valued at approximately $602,000. NBC Securities Inc. lifted its holdings in Warby Parker by 44,515.4% in the 1st quarter. NBC Securities Inc. now owns 11,600 shares of the company's stock worth $211,000 after buying an additional 11,574 shares in the last quarter. Rhumbline Advisers boosted its position in Warby Parker by 5.4% in the 1st quarter. Rhumbline Advisers now owns 130,612 shares of the company's stock valued at $2,381,000 after buying an additional 6,697 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Warby Parker by 4,937.0% during the first quarter. GAMMA Investing LLC now owns 6,800 shares of the company's stock valued at $124,000 after acquiring an additional 6,665 shares in the last quarter. Finally, Castleark Management LLC acquired a new position in shares of Warby Parker in the fourth quarter worth about $4,294,000. 93.24% of the stock is currently owned by hedge funds and other institutional investors.

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.