European Wax Center, Inc. (NASDAQ:EWCZ) Sees Significant Drop in Short Interest

European Wax Center, Inc. (NASDAQ:EWCZ) saw a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 2,140,000 shares, a drop of 5.7% from the October 31st total of 2,270,000 shares. Currently, 6.7% of the company’s shares are sold short. Based on an average trading volume of 646,400 shares, the days-to-cover ratio is currently 3.3 days.

European Wax Center Stock Performance

Shares of European Wax Center stock opened at $6.41 on Thursday. The business has a fifty day simple moving average of $6.83 and a two-hundred day simple moving average of $8.15. The company has a current ratio of 3.17, a quick ratio of 2.42 and a debt-to-equity ratio of 3.81. The firm has a market capitalization of $364.99 million, a P/E ratio of 28.57, a P/E/G ratio of 2.23 and a beta of 1.01. European Wax Center has a 12 month low of $4.80 and a 12 month high of $16.07.

Hedge Funds Weigh In On European Wax Center

Large investors have recently modified their holdings of the stock. Millennium Management LLC raised its position in shares of European Wax Center by 44.0% in the 2nd quarter. Millennium Management LLC now owns 538,972 shares of the company’s stock worth $5,352,000 after purchasing an additional 164,688 shares during the last quarter. Algert Global LLC raised its position in shares of European Wax Center by 720.4% in the 3rd quarter. Algert Global LLC now owns 111,137 shares of the company’s stock worth $756,000 after purchasing an additional 97,590 shares during the last quarter. Vanguard Group Inc. raised its position in shares of European Wax Center by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 1,889,324 shares of the company’s stock worth $24,523,000 after purchasing an additional 29,918 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of European Wax Center in the 2nd quarter worth about $3,274,000. Finally, Massachusetts Financial Services Co. MA raised its position in shares of European Wax Center by 4.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,334,532 shares of the company’s stock worth $22,675,000 after purchasing an additional 155,875 shares during the last quarter. Hedge funds and other institutional investors own 82.14% of the company’s stock.

Wall Street Analysts Forecast Growth

EWCZ has been the subject of a number of research analyst reports. Morgan Stanley reaffirmed an “underweight” rating and issued a $5.00 price target on shares of European Wax Center in a research note on Friday, November 15th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $8.00 price target on shares of European Wax Center in a research note on Thursday, November 14th. Truist Financial dropped their price target on European Wax Center from $16.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, August 15th. Robert W. Baird lowered their price objective on European Wax Center from $13.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Finally, Citigroup lowered European Wax Center from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $16.00 to $5.50 in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $7.64.

European Wax Center Company Profile

European Wax Center, Inc operates as the franchisor and operator of out-of-home waxing services in the United States. It offers body and facial waxing services; and pre- and post-service products, including ingrown hair serums, exfoliating gels, brow shapers, and skin treatments. The company was founded in 2004 and is headquartered in Plano, Texas.