Waldencast plc (NASDAQ:WALD) Sees Significant Drop in Short Interest

Waldencast plc (NASDAQ:WALD) was the target of a significant decline in short interest in December. As of December 31st, there was short interest totalling 293,300 shares, a decline of 32.0% from the December 15th total of 431,300 shares. Based on an average daily volume of 87,800 shares, the short-interest ratio is currently 3.3 days. Currently, 1.2% of the shares of the stock are short sold.

Waldencast Stock Up 0.3 %

NASDAQ:WALD opened at $3.08 on Thursday. Waldencast has a 52 week low of $2.40 and a 52 week high of $9.87. The stock’s fifty day moving average is $3.49 and its two-hundred day moving average is $3.43. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 1.47.

Institutional Investors Weigh In On Waldencast

Several institutional investors and hedge funds have recently modified their holdings of WALD. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Waldencast by 293.9% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,854 shares of the company’s stock worth $25,000 after buying an additional 5,114 shares during the period. Marshall Wace LLP acquired a new position in Waldencast during the 2nd quarter worth approximately $37,000. Catalina Capital Group LLC purchased a new stake in shares of Waldencast in the 3rd quarter valued at approximately $58,000. McAdam LLC acquired a new stake in shares of Waldencast in the 3rd quarter valued at $62,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Waldencast during the 2nd quarter worth $85,000. Hedge funds and other institutional investors own 41.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on WALD. 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. Canaccord Genuity Group increased their target price on shares of Waldencast from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. TD Cowen started coverage on shares of Waldencast in a research report on Monday, December 16th. They set a “hold” rating and a $4.30 price target on the stock. DA Davidson increased their price objective on shares of Waldencast from $7.25 to $7.50 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Canaccord Genuity Group initiated coverage on Waldencast in a report on Friday, October 25th. They set a “buy” rating and a $5.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $5.76.

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.