Waldencast (NASDAQ:WALD) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Waldencast (NASDAQ:WALD) had its target price lifted by equities research analysts at Canaccord Genuity Group from $5.00 to $6.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 80.72% from the company’s previous close.

WALD has been the subject of several other research reports. Canaccord Genuity Group began coverage on Waldencast in a research report on Friday, October 25th. They set a “buy” rating and a $5.00 target price for the company. DA Davidson boosted their target price on Waldencast from $6.50 to $7.25 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Telsey Advisory Group restated an “outperform” rating and set a $6.00 target price on shares of Waldencast in a research report on Monday, November 18th.

Waldencast Price Performance

Shares of WALD stock opened at $3.32 on Friday. The stock’s 50-day moving average price is $3.57 and its 200-day moving average price is $3.64. 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 the company. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Waldencast by 293.9% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,854 shares of the company’s stock worth $25,000 after acquiring an additional 5,114 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Waldencast during the 2nd quarter worth about $37,000. Bleakley Financial Group LLC boosted its stake in shares of Waldencast by 75.2% during the 3rd quarter. Bleakley Financial Group LLC now owns 26,297 shares of the company’s stock worth $96,000 after acquiring an additional 11,288 shares in the last quarter. Catalina Capital Group LLC purchased a new stake in shares of Waldencast during the 3rd quarter worth about $58,000. Finally, McAdam LLC purchased a new stake in shares of Waldencast during the 3rd quarter worth about $62,000. 41.97% of the stock is 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.