Waldencast (NASDAQ:WALD) Given New $6.00 Price Target at Canaccord Genuity Group

Waldencast (NASDAQ:WALD) had its price target lifted by Canaccord Genuity Group from $5.00 to $6.00 in a research report released on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts also recently weighed in on WALD. Telsey Advisory Group reiterated an “outperform” rating and set a $6.00 target price on shares of Waldencast in a research report on Monday, November 18th. Canaccord Genuity Group initiated coverage on shares of Waldencast in a research report on Friday, October 25th. They set a “buy” rating and a $5.00 target price on the stock. Finally, DA Davidson upped their target price on shares of Waldencast from $6.50 to $7.25 and gave the company a “buy” rating in a research report on Wednesday, September 4th.

Waldencast Price Performance

Waldencast stock opened at $3.34 on Friday. The business has a 50-day simple moving average of $3.55 and a two-hundred day simple moving average of $3.62. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 1.47. Waldencast has a 52-week low of $2.40 and a 52-week high of $12.00.

Institutional Investors Weigh In On Waldencast

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

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.