Waldencast (NASDAQ:WALD) Trading Down 3% – What’s Next?

Waldencast PLC (NASDAQ:WALD)’s share price dropped 3% during mid-day trading on Monday . The company traded as low as $1.59 and last traded at $1.61. Approximately 180,860 shares traded hands during trading, a decline of 78% from the average session volume of 837,601 shares. The stock had previously closed at $1.66.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WALD. Telsey Advisory Group decreased their price target on shares of Waldencast from $3.00 to $2.00 and set a “market perform” rating on the stock in a research note on Monday, March 16th. Wall Street Zen raised shares of Waldencast to a “hold” rating in a research note on Saturday, May 30th. Weiss Ratings upgraded shares of Waldencast from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 8th. Finally, Canaccord Genuity Group raised their target price on shares of Waldencast from $2.00 to $3.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Waldencast has a consensus rating of “Hold” and a consensus target price of $2.33.

Waldencast Price Performance

The company has a quick ratio of 0.97, a current ratio of 1.70 and a debt-to-equity ratio of 0.29. The company has a fifty day simple moving average of $1.39 and a 200-day simple moving average of $1.55.

Institutional Investors Weigh In On Waldencast

Hedge funds and other institutional investors have recently bought and sold shares of the company. Jane Street Group LLC acquired a new position in Waldencast in the 1st quarter valued at about $77,000. Rhumbline Advisers increased its holdings in shares of Waldencast by 15.2% during the 1st quarter. Rhumbline Advisers now owns 61,630 shares of the company’s stock worth $185,000 after buying an additional 8,151 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Waldencast by 62.2% during the 2nd quarter. Geode Capital Management LLC now owns 586,566 shares of the company’s stock worth $1,437,000 after buying an additional 224,905 shares during the last quarter. Invesco Ltd. purchased a new stake in shares of Waldencast during the 2nd quarter valued at approximately $26,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Waldencast by 57.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,130 shares of the company’s stock valued at $57,000 after buying an additional 8,485 shares during the period. 41.97% of the stock is currently owned by institutional investors and hedge funds.

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. The company also offers clean makeup products under the Milk Makeup brand. It sells its products to dermatologists, plastic surgeons, and other physicians who focuses on aesthetic and therapeutic skincare, including physicians on site at medical spas, through its direct sales force, as well as through distribution partners.