Kanen Wealth Management LLC Makes New Investment in European Wax Center, Inc. (NASDAQ:EWCZ)

Kanen Wealth Management LLC acquired a new stake in shares of European Wax Center, Inc. (NASDAQ:EWCZ) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 95,435 shares of the company’s stock, valued at approximately $637,000. European Wax Center accounts for about 0.2% of Kanen Wealth Management LLC’s investment portfolio, making the stock its 20th largest holding. Kanen Wealth Management LLC owned about 0.17% of European Wax Center at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of EWCZ. Massachusetts Financial Services Co. MA lifted its holdings in European Wax Center by 4.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,334,532 shares of the company’s stock valued at $22,675,000 after purchasing an additional 155,875 shares in the last quarter. FMR LLC increased its holdings in shares of European Wax Center by 18.9% in the third quarter. FMR LLC now owns 2,697,742 shares of the company’s stock worth $18,345,000 after purchasing an additional 428,280 shares during the last quarter. Southpoint Capital Advisors LP grew its holdings in European Wax Center by 5.3% during the 3rd quarter. Southpoint Capital Advisors LP now owns 2,000,000 shares of the company’s stock valued at $13,600,000 after buying an additional 100,000 shares in the last quarter. Geode Capital Management LLC grew its holdings in European Wax Center by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 820,728 shares of the company’s stock valued at $5,582,000 after buying an additional 30,804 shares in the last quarter. Finally, Millennium Management LLC increased its stake in European Wax Center by 44.0% in the 2nd quarter. Millennium Management LLC now owns 538,972 shares of the company’s stock worth $5,352,000 after acquiring an additional 164,688 shares during the last quarter. 82.14% of the stock is owned by institutional investors.

European Wax Center Stock Performance

EWCZ stock opened at $6.36 on Monday. The company has a debt-to-equity ratio of 3.81, a current ratio of 3.17 and a quick ratio of 2.42. European Wax Center, Inc. has a 1-year low of $4.80 and a 1-year high of $15.95. The business has a 50-day moving average price of $6.19 and a 200 day moving average price of $7.04. The company has a market capitalization of $362.14 million, a P/E ratio of 27.65, a PEG ratio of 2.17 and a beta of 0.95.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Piper Sandler cut shares of European Wax Center from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $9.00 to $7.00 in a research report on Monday, January 6th. Telsey Advisory Group reissued a “market perform” rating and set a $6.00 price target on shares of European Wax Center in a research note on Tuesday, January 14th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $5.00 price objective on shares of European Wax Center in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, European Wax Center currently has an average rating of “Hold” and an average target price of $6.64.

Insider Transactions at European Wax Center

In related news, Director Nital P. Scott sold 4,344 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $5.85, for a total value of $25,412.40. Following the completion of the transaction, the director now owns 29,262 shares of the company’s stock, valued at $171,182.70. The trade was a 12.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 6.14% of the company’s stock.

About European Wax Center

European Wax Center, Inc operates as the franchisor and operator of out-of-home waxing services in the United States. It offers body and facial waxing services; and pre- and post-service products, including ingrown hair serums, exfoliating gels, brow shapers, and skin treatments. The company was founded in 2004 and is headquartered in Plano, Texas.