Warby Parker (NYSE:WRBY) Sees Strong Trading Volume – Here’s What Happened

Warby Parker Inc. (NYSE:WRBY) saw strong trading volume on Thursday . 1,758,469 shares were traded during trading, an increase of 18% from the previous session’s volume of 1,491,646 shares.The stock last traded at $24.70 and had previously closed at $23.76.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Evercore ISI restated an “in-line” rating and issued a $23.00 target price on shares of Warby Parker in a research note on Friday, January 17th. Citigroup reissued a “sell” rating and issued a $23.00 price target (up previously from $19.00) on shares of Warby Parker in a research note on Wednesday, February 5th. JMP Securities raised their price objective on shares of Warby Parker from $23.00 to $28.00 and gave the company a “market outperform” rating in a research report on Monday, December 16th. Stifel Nicolaus boosted their target price on shares of Warby Parker from $17.00 to $20.00 and gave the stock a “hold” rating in a research report on Wednesday, December 11th. Finally, Robert W. Baird increased their price target on shares of Warby Parker from $18.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.21.

Warby Parker Stock Performance

The company has a market capitalization of $2.47 billion, a P/E ratio of -90.02 and a beta of 1.90. The company has a 50-day simple moving average of $25.61 and a 200 day simple moving average of $20.52.

Warby Parker (NYSE:WRBY) last released its earnings results on Thursday, February 27th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.08). Warby Parker had a negative net margin of 4.39% and a negative return on equity of 8.26%. As a group, sell-side analysts forecast that Warby Parker Inc. will post -0.12 earnings per share for the current year.

Insider Activity

In other news, CEO Neil Harris Blumenthal sold 300,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $25.14, for a total value of $7,542,000.00. Following the completion of the transaction, the chief executive officer now directly owns 12,177 shares of the company’s stock, valued at approximately $306,129.78. This represents a 96.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Steven Clive Miller sold 7,016 shares of Warby Parker stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $23.85, for a total value of $167,331.60. Following the transaction, the chief financial officer now directly owns 182,130 shares of the company’s stock, valued at approximately $4,343,800.50. The trade was a 3.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 608,032 shares of company stock worth $15,188,364. Company insiders own 26.55% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC acquired a new stake in Warby Parker during the 4th quarter worth $25,000. NewEdge Advisors LLC raised its holdings in Warby Parker by 700.0% in the fourth quarter. NewEdge Advisors LLC now owns 1,200 shares of the company’s stock worth $29,000 after purchasing an additional 1,050 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Warby Parker by 205.6% in the 4th quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company’s stock valued at $37,000 after buying an additional 1,028 shares during the period. Comerica Bank increased its position in shares of Warby Parker by 153.1% in the 4th quarter. Comerica Bank now owns 2,291 shares of the company’s stock valued at $55,000 after buying an additional 1,386 shares in the last quarter. Finally, Anderson Financial Strategies LLC bought a new stake in shares of Warby Parker in the 4th quarter valued at $69,000. 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.