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

Canaccord Genuity Group started coverage on shares of Waldencast (NASDAQ:WALD) in a research note published on Friday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $5.00 price objective on the stock.

Other equities research analysts have also recently issued reports about the stock. DA Davidson lifted their price objective on shares of Waldencast from $6.50 to $7.25 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $6.00 price objective on shares of Waldencast in a report on Wednesday, October 9th.

Waldencast Trading Up 3.3 %

Shares of Waldencast stock traded up $0.11 during trading on Friday, hitting $3.49. 66,777 shares of the stock were exchanged, compared to its average volume of 136,278. The firm’s 50-day moving average price is $3.54 and its 200 day moving average price is $3.92. Waldencast has a 12-month low of $2.40 and a 12-month high of $12.00. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.47 and a quick ratio of 0.78.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP acquired a new position in Waldencast during the second quarter worth approximately $37,000. Bleakley Financial Group LLC increased its position in Waldencast by 75.2% during the third quarter. Bleakley Financial Group LLC now owns 26,297 shares of the company’s stock worth $96,000 after buying an additional 11,288 shares during the period. Catalina Capital Group LLC acquired a new position in Waldencast during the first quarter worth approximately $73,000. Norden Group LLC acquired a new position in Waldencast during the first quarter worth approximately $92,000. Finally, McAdam LLC acquired a new position in Waldencast during the third quarter worth approximately $62,000. Institutional investors and hedge funds 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.