Waldencast (NASDAQ:WALD) Research Coverage Started at Canaccord Genuity Group

Canaccord Genuity Group assumed coverage on shares of Waldencast (NASDAQ:WALD) in a research note issued on Friday, Briefing.com reports. The firm set a “buy” rating and a $5.00 price target on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 47.93% from the stock’s previous close.

Several other equities analysts have also weighed in on the stock. DA Davidson raised their price objective 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. Telsey Advisory Group reissued an “outperform” rating and set a $6.00 price objective on shares of Waldencast in a research note on Wednesday, October 9th.

Waldencast Trading Down 1.2 %

WALD stock opened at $3.38 on Friday. The company has a quick ratio of 0.78, a current ratio of 1.47 and a debt-to-equity ratio of 0.21. The firm’s 50-day simple moving average is $3.52 and its 200 day simple moving average is $3.94. Waldencast has a fifty-two week low of $2.40 and a fifty-two week high of $12.00.

Institutional Investors Weigh In On Waldencast

A number of institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC acquired a new position in shares of Waldencast in the 2nd quarter valued at about $239,000. Simplicity Wealth LLC increased its stake in Waldencast by 416.2% in the 3rd quarter. Simplicity Wealth LLC now owns 77,080 shares of the company’s stock valued at $281,000 after buying an additional 62,148 shares during the period. Cubist Systematic Strategies LLC acquired a new position in Waldencast in the 2nd quarter valued at approximately $85,000. Bleakley Financial Group LLC purchased a new stake in Waldencast in the 1st quarter worth approximately $142,000. Finally, McAdam LLC acquired a new stake in shares of Waldencast during the 3rd quarter valued at $62,000. 41.97% of the stock is currently owned by institutional investors and hedge funds.

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.