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

Warby Parker Inc. (NYSE:WRBY) gapped down prior to trading 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 trading hands.

Analyst Ratings Changes

WRBY has been the subject of several research analyst reports. Roth Mkm initiated coverage on Warby Parker in a research note on Tuesday, February 25th. They issued a “neutral” rating and a $26.00 price objective for the company. JMP Securities raised their price objective on Warby Parker from $23.00 to $28.00 and gave the company a “market outperform” rating in a research note on Monday, December 16th. Morgan Stanley raised their price objective 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. Roth Capital raised Warby Parker to a “strong-buy” rating in a research note on Monday, February 24th. Finally, Robert W. Baird raised their price objective on Warby Parker from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Warby Parker currently has an average rating of “Moderate Buy” and an average price target of $23.43.

Warby Parker Price Performance

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

Insider Activity

In other news, CFO Steven Clive Miller sold 11,684 shares of Warby Parker stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $23.52, for a total value of $274,807.68. Following the completion of the sale, the chief financial officer now owns 204,727 shares of the company’s stock, valued at $4,815,179.04. The trade was a 5.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Neil Harris Blumenthal sold 27,967 shares of Warby Parker stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total value of $657,783.84. Following the completion of the sale, the chief executive officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 483,597 shares of company stock valued at $12,211,257 over the last quarter. Company insiders own 26.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its holdings in Warby Parker by 2.6% in the fourth quarter. Arizona State Retirement System now owns 24,881 shares of the company’s stock valued at $602,000 after acquiring an additional 619 shares during the last quarter. Mariner LLC boosted its holdings in Warby Parker by 6.5% in the fourth quarter. Mariner LLC now owns 10,772 shares of the company’s stock valued at $261,000 after acquiring an additional 660 shares during the last quarter. Summit Investment Advisors Inc. boosted its holdings in Warby Parker by 10.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 9,265 shares of the company’s stock valued at $224,000 after acquiring an additional 840 shares during the last quarter. Global Retirement Partners LLC acquired a new position in Warby Parker in the fourth quarter valued at $25,000. Finally, Jones Financial Companies Lllp boosted its holdings in Warby Parker by 205.6% in the fourth quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company’s stock valued at $37,000 after acquiring an additional 1,028 shares during the last quarter. Institutional investors and hedge funds own 93.24% of the company’s stock.

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.