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

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

Wall Street Analyst Weigh In

WRBY has been the topic of a number of research reports. Roth Capital restated a "neutral" rating and issued a $21.00 price objective (up from $18.00) on shares of Warby Parker in a research note on Thursday, May 22nd. Roth Mkm started coverage on Warby Parker in a research report on Tuesday, February 25th. They set a "neutral" rating and a $26.00 price target on the stock. Piper Sandler reiterated an "overweight" rating and set a $25.00 price target (up from $20.00) on shares of Warby Parker in a research report on Thursday, May 29th. TD Securities upped their price target on Warby Parker from $20.00 to $24.00 and gave the company a "buy" rating in a research report on Wednesday, May 21st. Finally, Telsey Advisory Group decreased their price target on Warby Parker from $30.00 to $22.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $22.88.

Warby Parker Stock Up 3.7%

The company's 50-day moving average is $17.15 and its two-hundred day moving average is $21.61. The company has a market capitalization of $2.21 billion, a P/E ratio of -78.30 and a beta of 2.10.

Insider Buying and Selling at Warby Parker

In other Warby Parker news, Director Youngme E. Moon sold 33,073 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $19.90, for a total transaction of $658,152.70. Following the transaction, the director now directly owns 53,869 shares in the company, valued at $1,071,993.10. This trade represents a 38.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 18.24% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Northern Trust Corp grew its position in Warby Parker by 7.5% during the fourth quarter. Northern Trust Corp now owns 811,038 shares of the company's stock valued at $19,635,000 after acquiring an additional 56,674 shares during the last quarter. Shaker Investments LLC OH purchased a new stake in shares of Warby Parker during the fourth quarter valued at approximately $279,000. Raymond James Financial Inc. purchased a new stake in shares of Warby Parker during the fourth quarter valued at approximately $8,272,000. Jones Financial Companies Lllp boosted its stake in shares of Warby Parker by 205.6% during the fourth quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company's stock valued at $37,000 after purchasing an additional 1,028 shares during the period. Finally, Bank of America Corp DE boosted its stake in shares of Warby Parker by 122.8% during the fourth quarter. Bank of America Corp DE now owns 391,868 shares of the company's stock valued at $9,487,000 after purchasing an additional 215,959 shares during the period. 93.24% of the stock is currently owned by institutional investors.

About Warby Parker

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.