Olaplex Holdings, Inc. (NASDAQ:OLPX) Sees Significant Decline in Short Interest

Olaplex Holdings, Inc. (NASDAQ:OLPX) was the recipient of a large decline in short interest in September. As of September 30th, there was short interest totalling 11,680,000 shares, a decline of 29.0% from the September 15th total of 16,440,000 shares. Based on an average trading volume of 3,040,000 shares, the days-to-cover ratio is currently 3.8 days. Approximately 9.2% of the company’s stock are short sold.

Insider Buying and Selling

In other news, Director John P. Bilbrey acquired 183,493 shares of Olaplex stock in a transaction that occurred on Monday, August 19th. The stock was purchased at an average price of $2.05 per share, for a total transaction of $376,160.65. Following the purchase, the director now directly owns 241,593 shares in the company, valued at $495,265.65. The trade was a 300.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 4.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Olaplex

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OLPX. Pacer Advisors Inc. lifted its holdings in Olaplex by 42.0% during the second quarter. Pacer Advisors Inc. now owns 19,686,481 shares of the company’s stock valued at $30,317,000 after purchasing an additional 5,824,889 shares in the last quarter. Scion Asset Management LLC purchased a new position in Olaplex during the second quarter valued at $1,533,000. Vanguard Group Inc. lifted its holdings in Olaplex by 8.4% during the first quarter. Vanguard Group Inc. now owns 11,935,003 shares of the company’s stock valued at $22,915,000 after purchasing an additional 929,693 shares in the last quarter. Sanders Morris Harris LLC purchased a new position in Olaplex during the first quarter valued at $660,000. Finally, Norden Group LLC purchased a new position in Olaplex during the first quarter valued at $563,000. 87.37% of the stock is owned by hedge funds and other institutional investors.

Olaplex Stock Performance

Shares of OLPX stock traded up $0.05 during trading hours on Friday, hitting $2.29. The company’s stock had a trading volume of 740,457 shares, compared to its average volume of 2,425,870. The company has a 50 day moving average of $2.20 and a 200 day moving average of $1.84. The stock has a market cap of $1.52 billion, a PE ratio of 32.71 and a beta of 2.44. The company has a current ratio of 9.27, a quick ratio of 7.85 and a debt-to-equity ratio of 0.75. Olaplex has a 12-month low of $1.19 and a 12-month high of $2.98.

Olaplex (NASDAQ:OLPX) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.03. Olaplex had a net margin of 10.95% and a return on equity of 11.16%. The firm had revenue of $103.90 million for the quarter, compared to the consensus estimate of $103.65 million. During the same period in the prior year, the firm posted $0.03 earnings per share. The firm’s quarterly revenue was down 4.9% compared to the same quarter last year. On average, sell-side analysts forecast that Olaplex will post 0.14 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Telsey Advisory Group reiterated a “market perform” rating and set a $2.00 price objective on shares of Olaplex in a research note on Tuesday, August 6th. TD Cowen upped their price target on shares of Olaplex from $1.80 to $2.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $2.22.

About Olaplex

Olaplex Holdings, Inc develops, manufactures, and sells hair care products in the United States and internationally. The company offers hair care shampoos and conditioners for use in treatment, maintenance, and protection of hair, as well as oil, moisture mask, and nourishing hair serum. It provides hair care products to professional hair salons, retailers, and everyday consumers.