Olaplex (NASDAQ:OLPX) Trading 11.3% Higher – Here’s Why

Olaplex Holdings, Inc. (NASDAQ:OLPX)’s stock price traded up 11.3% during trading on Wednesday . The stock traded as high as $1.6799 and last traded at $1.6699. 1,787,222 shares changed hands during trading, an increase of 15% from the average session volume of 1,553,937 shares. The stock had previously closed at $1.50.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Olaplex in a research note on Thursday, January 22nd. Northland Securities assumed coverage on shares of Olaplex in a research report on Thursday, November 20th. They issued an “outperform” rating and a $2.00 price target for the company. Telsey Advisory Group reissued a “market perform” rating and set a $2.00 price target on shares of Olaplex in a report on Monday. Wall Street Zen lowered Olaplex from a “hold” rating to a “sell” rating in a report on Sunday, February 15th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Olaplex in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Olaplex currently has an average rating of “Hold” and a consensus target price of $1.85.

Olaplex Trading Up 15.7%

The business has a fifty day simple moving average of $1.54 and a 200 day simple moving average of $1.36. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 76.00 and a beta of 2.24. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.52 and a current ratio of 4.16.

Institutional Trading of Olaplex

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Empowered Funds LLC bought a new position in shares of Olaplex during the first quarter valued at approximately $576,000. Jane Street Group LLC lifted its stake in Olaplex by 151.8% in the first quarter. Jane Street Group LLC now owns 88,321 shares of the company’s stock valued at $112,000 after buying an additional 258,873 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Olaplex during the second quarter valued at $75,000. Creative Planning increased its holdings in shares of Olaplex by 35.0% in the 2nd quarter. Creative Planning now owns 37,357 shares of the company’s stock worth $52,000 after acquiring an additional 9,690 shares during the period. Finally, Dynamic Technology Lab Private Ltd boosted its position in shares of Olaplex by 139.9% during the second quarter. Dynamic Technology Lab Private Ltd now owns 93,933 shares of the company’s stock worth $132,000 after buying an additional 54,781 shares during the period. 87.37% of the stock is owned by institutional investors.

About Olaplex

Olaplex, Inc (NASDAQ: OLPX) is a specialty haircare company known for its patented bond-building technology designed to repair and strengthen hair from within. The company’s core offerings encompass a range of professional salon treatments and at-home maintenance products that target chemical damage, breakage and split ends. Olaplex formulations are built around a proprietary active ingredient that works at the molecular level to rebuild disulfide bonds broken during bleaching, coloring and heat styling processes.

Founded in 2014 and headquartered in Irvine, California, Olaplex initially gained traction among high-end salons before expanding into broader retail channels.