Olaplex (NASDAQ:OLPX) Sees Strong Trading Volume – Time to Buy?

Shares of Olaplex Holdings, Inc. (NASDAQ:OLPX) saw an uptick in trading volume on Thursday . 4,330,734 shares changed hands during trading, an increase of 5% from the previous session’s volume of 4,127,153 shares.The stock last traded at $2.0650 and had previously closed at $2.05.

Analysts Set New Price Targets

A number of research firms have issued reports on OLPX. Jefferies Financial Group reaffirmed a “buy” rating on shares of Olaplex in a report on Wednesday, March 4th. Zacks Research upgraded shares of Olaplex from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Olaplex in a research report on Tuesday, April 21st. Wall Street Zen upgraded shares of Olaplex from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Finally, Barclays lifted their target price on shares of Olaplex from $1.75 to $2.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 14th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Olaplex has an average rating of “Hold” and an average price target of $1.92.

Olaplex Trading Up 0.7%

The stock has a market capitalization of $1.39 billion, a PE ratio of -103.25 and a beta of 1.84. The firm has a 50-day moving average price of $2.04 and a 200-day moving average price of $1.74. The company has a current ratio of 6.27, a quick ratio of 5.34 and a debt-to-equity ratio of 0.40.

Olaplex (NASDAQ:OLPX) last released its earnings results on Monday, May 11th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. Olaplex had a negative net margin of 3.53% and a positive return on equity of 2.23%. The firm had revenue of $99.37 million during the quarter, compared to the consensus estimate of $94.11 million. Olaplex’s quarterly revenue was up 2.5% compared to the same quarter last year. As a group, equities analysts forecast that Olaplex Holdings, Inc. will post 0.09 EPS for the current fiscal year.

Insider Activity

In related news, insider Trisha L. Fox sold 16,324 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $2.04, for a total transaction of $33,300.96. Following the sale, the insider directly owned 1,064,039 shares in the company, valued at approximately $2,170,639.56. The trade was a 1.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in OLPX. Portolan Capital Management LLC grew its holdings in Olaplex by 132.6% during the 3rd quarter. Portolan Capital Management LLC now owns 3,635,124 shares of the company’s stock valued at $4,762,000 after buying an additional 2,072,383 shares in the last quarter. PSquared Asset Management AG purchased a new stake in shares of Olaplex in the first quarter worth about $2,874,000. Russell Investments Group Ltd. boosted its position in shares of Olaplex by 284.7% in the fourth quarter. Russell Investments Group Ltd. now owns 1,909,836 shares of the company’s stock valued at $2,559,000 after acquiring an additional 1,413,423 shares during the period. Balyasny Asset Management L.P. boosted its position in shares of Olaplex by 1,314.1% in the second quarter. Balyasny Asset Management L.P. now owns 1,508,013 shares of the company’s stock valued at $2,111,000 after acquiring an additional 1,401,369 shares during the period. Finally, Archon Capital Management LLC grew its stake in Olaplex by 40.4% during the fourth quarter. Archon Capital Management LLC now owns 4,466,876 shares of the company’s stock valued at $5,986,000 after acquiring an additional 1,284,557 shares in the last quarter. Institutional investors own 87.37% of the company’s stock.

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.