Waldencast (NASDAQ:WALD) Now Covered by Analysts at Canaccord Genuity Group

Canaccord Genuity Group began coverage on shares of Waldencast (NASDAQ:WALD) in a research report sent to investors on Friday, Marketbeat Ratings reports. The firm issued a buy rating and a $5.00 price target on the stock.

Several other analysts have also commented on WALD. Telsey Advisory Group reiterated an “outperform” rating and set a $6.00 price objective on shares of Waldencast in a report on Wednesday, October 9th. DA Davidson increased their price objective on Waldencast from $6.50 to $7.25 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, Canaccord Genuity Group initiated coverage on Waldencast in a report on Friday. They set a “buy” rating and a $5.00 price objective for the company.

Waldencast Price Performance

Waldencast stock traded up $0.11 during mid-day trading on Friday, reaching $3.49. 66,777 shares of the company were exchanged, compared to its average volume of 136,278. The business has a fifty day moving average of $3.54 and a 200 day moving average of $3.92. The company has a quick ratio of 0.78, a current ratio of 1.47 and a debt-to-equity ratio of 0.21. Waldencast has a 12-month low of $2.40 and a 12-month high of $12.00.

Hedge Funds Weigh In On Waldencast

Several hedge funds have recently made changes to their positions in WALD. Marshall Wace LLP acquired a new position in shares of Waldencast in the 2nd quarter valued at $37,000. McAdam LLC acquired a new position in shares of Waldencast in the 3rd quarter valued at $62,000. Catalina Capital Group LLC acquired a new position in shares of Waldencast in the 1st quarter valued at $73,000. Cubist Systematic Strategies LLC acquired a new position in shares of Waldencast in the 2nd quarter valued at $85,000. Finally, Norden Group LLC acquired a new stake in Waldencast during the 1st quarter worth about $92,000. 41.97% of the stock is 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.