Canaccord Genuity Group Issues Pessimistic Forecast for Waldencast (NASDAQ:WALD) Stock Price

by · The Markets Daily

Waldencast (NASDAQ:WALD – Get Free Report) had its price objective cut by investment analysts at Canaccord Genuity Group from $4.00 to $2.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 26.58% from the stock’s current price.

A number of other equities analysts have also weighed in on WALD. Telsey Advisory Group lowered Waldencast from an “outperform” rating to a “market perform” rating and set a $3.00 price objective on the stock. in a research note on Tuesday, November 25th. Jefferies Financial Group began coverage on shares of Waldencast in a research report on Wednesday, January 14th. They set a “buy” rating and a $2.00 price target on the stock. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Waldencast in a research report on Wednesday, January 21st. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.08.

View Our Latest Report on Waldencast

Waldencast Stock Performance

Shares of NASDAQ:WALD remained flat at $1.58 during midday trading on Monday. 15,477 shares of the stock traded hands, compared to its average volume of 62,876. The business’s 50-day moving average is $1.68 and its 200 day moving average is $1.87. The company has a current ratio of 1.53, a quick ratio of 0.67 and a debt-to-equity ratio of 0.32. Waldencast has a 12-month low of $1.41 and a 12-month high of $3.51.

Waldencast (NASDAQ:WALD – Get Free Report) last posted its quarterly earnings results on Monday, November 24th. The company reported ($0.69) earnings per share for the quarter. The company had revenue of $66.14 million for the quarter. On average, sell-side analysts forecast that Waldencast will post -0.14 earnings per share for the current fiscal year.

Institutional Trading of Waldencast

A number of hedge funds and other institutional investors have recently modified their holdings of WALD. JPMorgan Chase & Co. raised its stake in shares of Waldencast by 12.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 57,702 shares of the company’s stock valued at $114,000 after acquiring an additional 6,516 shares during the period. Barclays PLC raised its position in Waldencast by 11.0% in the fourth quarter. Barclays PLC now owns 66,337 shares of the company’s stock valued at $125,000 after purchasing an additional 6,587 shares during the period. Rhumbline Advisers lifted its stake in Waldencast by 15.2% during the first quarter. Rhumbline Advisers now owns 61,630 shares of the company’s stock worth $185,000 after purchasing an additional 8,151 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Waldencast by 57.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,130 shares of the company’s stock worth $57,000 after buying an additional 8,485 shares during the period. Finally, Invesco Ltd. acquired a new stake in shares of Waldencast in the second quarter valued at $26,000. 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. The company also offers clean makeup products under the Milk Makeup brand. It sells its products to dermatologists, plastic surgeons, and other physicians who focuses on aesthetic and therapeutic skincare, including physicians on site at medical spas, through its direct sales force, as well as through distribution partners.

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