Warby Parker (NYSE:WRBY) Trading Down 5.6% Following Analyst Downgrade

Shares of Warby Parker Inc. (NYSE:WRBY - Get Free Report) dropped 5.6% during trading on Friday after JMP Securities lowered their price target on the stock from $30.00 to $22.00. JMP Securities currently has a market outperform rating on the stock. Warby Parker traded as low as $14.44 and last traded at $14.33. Approximately 248,815 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 1,694,644 shares. The stock had previously closed at $15.17.

Other research analysts have also issued reports about the stock. Morgan Stanley increased their target price on shares of Warby Parker from $17.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Tuesday, January 21st. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $28.00 target price on shares of Warby Parker in a research report on Thursday, February 27th. Piper Sandler cut their price target on Warby Parker from $30.00 to $20.00 and set an "overweight" rating on the stock in a report on Friday, April 11th. Stifel Nicolaus reduced their price objective on Warby Parker from $25.00 to $18.00 and set a "hold" rating for the company in a research note on Thursday, April 10th. Finally, Citigroup reiterated an "outperform" rating on shares of Warby Parker in a report on Friday, February 28th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.71.

Insider Buying and Selling

In related news, CEO Neil Harris Blumenthal sold 27,967 shares of the stock in a transaction dated 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 owns 23,961 shares of the company's stock, valued at approximately $563,562.72. This represents a 53.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Steven Clive Miller sold 11,684 shares of Warby Parker stock in a transaction dated 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 directly owns 204,727 shares of the company's stock, valued at $4,815,179.04. The trade was a 5.40 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 89,651 shares of company stock valued at $2,313,092. 26.55% of the stock is owned by insiders.

Institutional Trading of Warby Parker

A number of large investors have recently modified their holdings of WRBY. SG Americas Securities LLC purchased a new position in Warby Parker in the 1st quarter worth approximately $602,000. NBC Securities Inc. increased its stake 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 purchasing an additional 11,574 shares during the period. Rhumbline Advisers boosted its stake in shares of Warby Parker by 5.4% during the first quarter. Rhumbline Advisers now owns 130,612 shares of the company's stock valued at $2,381,000 after purchasing an additional 6,697 shares during the period. GAMMA Investing LLC grew its holdings in shares of Warby Parker by 4,937.0% in the first quarter. GAMMA Investing LLC now owns 6,800 shares of the company's stock worth $124,000 after purchasing an additional 6,665 shares during the last quarter. Finally, Castleark Management LLC purchased a new position in shares of Warby Parker in the fourth quarter worth $4,294,000. Institutional investors own 93.24% of the company's stock.

Warby Parker Stock Performance

The company's 50-day simple moving average is $20.67 and its two-hundred day simple moving average is $21.60. The firm has a market cap of $1.47 billion, a PE ratio of -52.48 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.