Warby Parker (NYSE:WRBY) Shares Gap Down – Here’s What Happened

Warby Parker Inc. (NYSE:WRBY)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $19.05, but opened at $16.62. Warby Parker shares last traded at $17.1750, with a volume of 2,216,822 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have commented on WRBY. JMP Securities restated a “market perform” rating on shares of Warby Parker in a research note on Thursday, July 10th. BTIG Research restated a “buy” rating and set a $28.00 target price on shares of Warby Parker in a report on Tuesday, October 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Warby Parker in a research note on Wednesday, October 8th. Cowen reissued a “buy” rating on shares of Warby Parker in a research note on Friday, August 8th. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $28.00 price objective on shares of Warby Parker in a research report on Friday, October 31st. Ten investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $25.20.

Warby Parker Stock Down 10.3%

The company has a market cap of $1.80 billion, a P/E ratio of -244.42 and a beta of 2.06. The stock has a 50 day moving average price of $24.55 and a two-hundred day moving average price of $22.58.

Insiders Place Their Bets

In other Warby Parker news, CEO Neil Harris Blumenthal sold 50,000 shares of the firm’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $25.11, for a total transaction of $1,255,500.00. Following the transaction, the chief executive officer owned 28,347 shares in the company, valued at $711,793.17. This trade represents a 63.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Teresa Briggs sold 6,000 shares of the firm’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $23.56, for a total value of $141,360.00. Following the transaction, the director owned 44,879 shares in the company, valued at approximately $1,057,349.24. This trade represents a 11.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 141,000 shares of company stock worth $3,709,521 in the last 90 days. Company insiders own 18.24% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

A number of hedge funds have recently added to or reduced their stakes in the stock. Durable Capital Partners LP increased its stake in Warby Parker by 13.2% during the 1st quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company’s stock worth $186,172,000 after acquiring an additional 1,194,558 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Warby Parker by 987.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,182,573 shares of the company’s stock valued at $113,654,000 after purchasing an additional 4,706,148 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Warby Parker by 51.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,605,250 shares of the company’s stock valued at $57,133,000 after purchasing an additional 884,035 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Warby Parker by 14.6% in the 1st quarter. American Century Companies Inc. now owns 2,456,965 shares of the company’s stock valued at $44,790,000 after purchasing an additional 312,543 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Warby Parker by 9.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,421,950 shares of the company’s stock valued at $66,797,000 after purchasing an additional 205,630 shares in the last quarter. Institutional investors 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.