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

Waldencast (NASDAQ:WALD) had its target price increased by analysts at Canaccord Genuity Group from $5.00 to $6.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 76.99% from the stock’s current price.

WALD has been the subject of several other reports. DA Davidson upped their price target on shares of Waldencast from $6.50 to $7.25 and gave the stock a “buy” rating in a report on Wednesday, September 4th. 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, Telsey Advisory Group restated an “outperform” rating and issued a $6.00 price objective on shares of Waldencast in a report on Monday.

Waldencast Trading Down 1.5 %

NASDAQ WALD traded down $0.05 on Friday, hitting $3.39. 131,540 shares of the company’s stock were exchanged, compared to its average volume of 130,898. The stock has a 50-day moving average of $3.59 and a 200-day moving average of $3.66. The company has a quick ratio of 0.78, a current ratio of 1.47 and a debt-to-equity ratio of 0.21. Waldencast has a 52 week low of $2.40 and a 52 week high of $12.00.

Institutional Trading of Waldencast

A number of large investors have recently bought and sold shares of WALD. Point72 Asia Singapore Pte. Ltd. grew its holdings in Waldencast by 293.9% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,854 shares of the company’s stock worth $25,000 after acquiring an additional 5,114 shares during the period. Marshall Wace LLP acquired a new stake in Waldencast during the 2nd quarter worth about $37,000. Catalina Capital Group LLC acquired a new stake in Waldencast during the 3rd quarter worth about $58,000. McAdam LLC bought a new position in shares of Waldencast during the 3rd quarter worth about $62,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Waldencast during the 2nd quarter worth about $85,000. 41.97% of the stock is currently owned by institutional investors and hedge funds.

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.