DA Davidson Forecasts Strong Price Appreciation for Waldencast (NASDAQ:WALD) Stock

Waldencast (NASDAQ:WALD) had its target price upped by equities researchers at DA Davidson from $7.25 to $7.50 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. DA Davidson’s price objective would indicate a potential upside of 133.64% from the stock’s previous close.

Several other analysts also recently weighed in on the stock. Canaccord Genuity Group began coverage on shares of Waldencast in a research note on Friday, October 25th. They issued a “buy” rating and a $5.00 price target for the company. Canaccord Genuity Group increased their target price on Waldencast from $5.00 to $6.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and issued a $6.00 price target on shares of Waldencast in a research note on Monday, November 18th.

Waldencast Stock Down 1.2 %

Shares of WALD opened at $3.21 on Wednesday. Waldencast has a fifty-two week low of $2.40 and a fifty-two week high of $12.00. The firm has a 50 day moving average price of $3.45 and a 200-day moving average price of $3.57. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 1.47.

Hedge Funds Weigh In On Waldencast

Several hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Waldencast by 293.9% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,854 shares of the company’s stock worth $25,000 after purchasing an additional 5,114 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Waldencast in the 2nd quarter worth approximately $37,000. Catalina Capital Group LLC purchased a new position in shares of Waldencast during the third quarter valued at approximately $58,000. McAdam LLC bought a new position in shares of Waldencast during the third quarter valued at approximately $62,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Waldencast in the second quarter worth $85,000. 41.97% of the stock is 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.