Waldencast PLC (NASDAQ:WALD) Sees Large Decline in Short Interest

Waldencast PLC (NASDAQ:WALD) was the target of a large decline in short interest in May. As of May 15th, there was short interest totaling 1,168,997 shares, a decline of 72.3% from the April 30th total of 4,221,729 shares. Currently, 1.0% of the company’s stock are short sold. Based on an average daily trading volume, of 665,683 shares, the days-to-cover ratio is presently 1.8 days.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on WALD. Wall Street Zen raised Waldencast to a “hold” rating in a research note on Saturday. Weiss Ratings cut Waldencast from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 22nd. Telsey Advisory Group decreased their target price on Waldencast from $3.00 to $2.00 and set a “market perform” rating for the company in a research report on Monday, March 16th. Finally, Canaccord Genuity Group decreased their target price on Waldencast from $4.00 to $2.00 and set a “buy” rating for the company in a research report on Monday, March 16th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2.00.

Waldencast Stock Performance

Shares of Waldencast stock opened at $1.23 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.70 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average price of $1.15 and a two-hundred day moving average price of $1.62. Waldencast has a 12-month low of $0.72 and a 12-month high of $3.22.

Institutional Investors Weigh In On Waldencast

Large investors have recently added to or reduced their stakes in the stock. Invesco Ltd. bought a new stake in Waldencast during the second quarter worth approximately $26,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Waldencast by 57.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,130 shares of the company’s stock worth $57,000 after purchasing an additional 8,485 shares during the period. CIBC Asset Management Inc bought a new stake in Waldencast during the fourth quarter worth approximately $46,000. Jane Street Group LLC bought a new stake in shares of Waldencast in the first quarter valued at approximately $77,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Waldencast in the third quarter valued at approximately $78,000. Institutional investors own 41.97% of the company’s stock.

Waldencast Company Profile

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. The company also offers clean makeup products under the Milk Makeup brand. It sells its products to dermatologists, plastic surgeons, and other physicians who focuses on aesthetic and therapeutic skincare, including physicians on site at medical spas, through its direct sales force, as well as through distribution partners.