Warby Parker (NYSE:WRBY) Stock Price Down 3.3% - Should You Sell?

Shares of Warby Parker Inc. (NYSE:WRBY - Get Free Report) were down 3.3% on Tuesday . The company traded as low as $20.75 and last traded at $20.77. Approximately 941,532 shares changed hands during trading, a decline of 61% from the average daily volume of 2,428,554 shares. The stock had previously closed at $21.48.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Robert W. Baird boosted their target price on shares of Warby Parker from $30.00 to $32.00 and gave the stock an "outperform" rating in a report on Friday, February 28th. TD Securities lifted their price objective on shares of Warby Parker from $20.00 to $24.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. The Goldman Sachs Group raised their target price on shares of Warby Parker from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Citigroup reaffirmed a "neutral" rating and issued a $22.00 price target (up from $17.00) on shares of Warby Parker in a report on Wednesday, May 21st. Finally, Roth Capital reaffirmed a "neutral" rating and set a $21.00 price target (up from $18.00) on shares of Warby Parker in a research report on Thursday, May 22nd. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Warby Parker presently has an average rating of "Moderate Buy" and an average price target of $22.88.

Warby Parker Price Performance

The firm has a fifty day moving average of $17.27 and a 200 day moving average of $21.59. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of -80.03 and a beta of 2.10.

Insider Activity

In other news, Director Youngme E. Moon sold 33,073 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $19.90, for a total transaction of $658,152.70. Following the sale, the director now directly owns 53,869 shares of the company's stock, valued at $1,071,993.10. This represents a 38.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 18.24% of the company's stock.

Hedge Funds Weigh In On Warby Parker

Large investors have recently bought and sold shares of the business. Durable Capital Partners LP increased its position in shares of Warby Parker by 13.2% in the first quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company's stock valued at $186,172,000 after buying an additional 1,194,558 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in Warby Parker by 3.5% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 2,645,540 shares of the company's stock valued at $64,047,000 after acquiring an additional 89,835 shares during the period. American Century Companies Inc. increased its holdings in Warby Parker by 14.6% in the 1st quarter. American Century Companies Inc. now owns 2,456,965 shares of the company's stock worth $44,790,000 after acquiring an additional 312,543 shares in the last quarter. Jennison Associates LLC raised its position in Warby Parker by 23.7% during the first quarter. Jennison Associates LLC now owns 2,174,158 shares of the company's stock worth $39,635,000 after acquiring an additional 416,797 shares during the period. Finally, Renaissance Technologies LLC raised its position in Warby Parker by 18.5% during the fourth quarter. Renaissance Technologies LLC now owns 2,002,400 shares of the company's stock worth $48,478,000 after acquiring an additional 313,100 shares during the period. Institutional investors and hedge funds own 93.24% of the company's stock.

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.