Canaccord Genuity Group Issues Pessimistic Forecast for Waldencast (NASDAQ:WALD) Stock Price
Canaccord Genuity Group lowered Waldencast's price target from $5.00 to $4.00, maintaining a "buy" rating. Despite the drop, the target suggests a 61.62% upside from the current price. Other analysts have mixed ratings, with a consensus "Hold" and an average target of $4.61. Waldencast's stock fell 14.1% to $2.48, with institutional investors holding 41.97% of shares. The company operates in beauty and wellness, offering brands like Obagi.
Waldencast (NASDAQ:WALD - Get Free Report) had its price objective dropped by equities research analysts at Canaccord Genuity Group from $5.00 to $4.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 61.62% from the company's previous close.
A number of other analysts have also recently commented on WALD. Weiss Ratings restated a "sell (e+)" rating on shares of Waldencast in a report on Wednesday, October 8th. Jefferies Financial Group reiterated a "buy" rating and set a $3.50 target price on shares of Waldencast in a report on Tuesday. Finally, Telsey Advisory Group lowered Waldencast from an "outperform" rating to a "market perform" rating and set a $3.00 price objective for the company. in a research report on Tuesday. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $4.61.
View Our Latest Stock Analysis on Waldencast
Waldencast Trading Down 14.1%
Shares of NASDAQ WALD traded down $0.41 during mid-day trading on Tuesday, hitting $2.48. 103,674 shares of the stock traded hands, compared to its average volume of 141,605. The stock has a fifty day moving average price of $1.98 and a 200-day moving average price of $2.10. Waldencast has a 52 week low of $1.48 and a 52 week high of $4.18.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of WALD. Squarepoint Ops LLC acquired a new position in shares of Waldencast in the third quarter worth about $78,000. UBS Group AG raised its position in shares of Waldencast by 466.2% during the 3rd quarter. UBS Group AG now owns 838,536 shares of the company's stock valued at $1,660,000 after buying an additional 690,441 shares during the period. JPMorgan Chase & Co. increased its position in shares of Waldencast by 12.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 57,702 shares of the company's stock worth $114,000 after purchasing an additional 6,516 shares during the last quarter. Milestones Administradora de Recursos Ltda. lifted its stake in Waldencast by 10.3% during the third quarter. Milestones Administradora de Recursos Ltda. now owns 2,425,677 shares of the company's stock worth $4,803,000 after purchasing an additional 225,677 shares in the last quarter. Finally, Covestor Ltd boosted its stake in shares of Waldencast by 98,716.0% in the third quarter. Covestor Ltd now owns 24,704 shares of the company's stock valued at $49,000 after purchasing an additional 24,679 shares during the period. 41.97% of the stock is owned by institutional investors and hedge funds.
About Waldencast
(Get Free Report)Waldencast plc operates in the beauty and wellness business. The company engages in developing, acquiring, accelerating, and scaling various brands. It provides cosmetic, over-the-counter, and prescription products under the Obagi Medical, Obagi Clinical, and Obagi Professional brands; and a Skintrinsiq device for use in facial treatments that is used by physicians' offices, spas, and aestheticians.
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