Waldencast (NASDAQ:WALD) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Waldencast (NASDAQ:WALD) had its price objective increased by investment analysts at Canaccord Genuity Group from $5.00 to $6.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 80.72% from the stock’s previous close.

WALD has been the subject of several other research reports. Telsey Advisory Group reiterated an “outperform” rating and issued a $6.00 price objective on shares of Waldencast in a report on Monday, November 18th. Canaccord Genuity Group assumed coverage on Waldencast in a report on Friday, October 25th. They issued a “buy” rating and a $5.00 price objective for the company. Finally, DA Davidson increased their price objective on Waldencast from $6.50 to $7.25 and gave the stock a “buy” rating in a report on Wednesday, September 4th.

Waldencast Stock Down 3.5 %

Shares of WALD stock opened at $3.32 on Friday. Waldencast has a 1-year low of $2.40 and a 1-year high of $12.00. The business has a 50-day moving average of $3.57 and a 200 day moving average of $3.64. 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

Institutional investors and hedge funds have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. lifted its position 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 valued at $25,000 after acquiring an additional 5,114 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Waldencast in the second quarter valued at about $37,000. Catalina Capital Group LLC purchased a new position in shares of Waldencast in the third quarter valued at about $58,000. McAdam LLC purchased a new position in shares of Waldencast in the third quarter valued at about $62,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Waldencast in the second quarter valued at about $85,000. 41.97% of the stock is currently owned by hedge funds and other institutional investors.

Waldencast Company Profile

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.