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

Waldencast (NASDAQ:WALD) had its target price raised by equities researchers at Canaccord Genuity Group from $5.00 to $6.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 76.99% from the stock’s current price.

Several other research analysts have also issued reports on WALD. Telsey Advisory Group restated an “outperform” rating and issued a $6.00 price target on shares of Waldencast in a research report on Monday. DA Davidson raised their price target on Waldencast from $6.50 to $7.25 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, Canaccord Genuity Group started coverage on Waldencast in a research report on Friday, October 25th. They issued a “buy” rating and a $5.00 price target on the stock.

Waldencast Stock Down 1.5 %

Shares of NASDAQ:WALD traded down $0.05 during midday trading on Friday, hitting $3.39. The company had a trading volume of 131,540 shares, compared to its average volume of 130,898. Waldencast has a 12 month low of $2.40 and a 12 month high of $12.00. The company has a quick ratio of 0.78, a current ratio of 1.47 and a debt-to-equity ratio of 0.21. The firm has a fifty day simple moving average of $3.59 and a 200 day simple moving average of $3.66.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC bought a new stake in shares of Waldencast in the second quarter valued at about $239,000. Marshall Wace LLP acquired a new position in Waldencast during the second quarter worth approximately $37,000. Cubist Systematic Strategies LLC acquired a new position in Waldencast during the second quarter worth approximately $85,000. Simplicity Wealth LLC increased its position in Waldencast by 416.2% during the third quarter. Simplicity Wealth LLC now owns 77,080 shares of the company’s stock worth $281,000 after buying an additional 62,148 shares during the last quarter. Finally, Bleakley Financial Group LLC increased its position in Waldencast by 75.2% during the third quarter. Bleakley Financial Group LLC now owns 26,297 shares of the company’s stock worth $96,000 after buying an additional 11,288 shares during the last quarter. 41.97% of the stock is currently owned by institutional investors.

About Waldencast

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.