Waldencast (NASDAQ:WALD) Stock Price Up 1.8% – Still a Buy?

Waldencast PLC (NASDAQ:WALD)’s stock price shot up 1.8% during trading on Wednesday . The company traded as high as $1.18 and last traded at $1.14. 287,403 shares were traded during mid-day trading, a decline of 4% from the average daily volume of 299,789 shares. The stock had previously closed at $1.12.

Analyst Upgrades and Downgrades

WALD has been the subject of several recent analyst reports. Canaccord Genuity Group raised their price objective on shares of Waldencast from $2.00 to $3.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Weiss Ratings downgraded Waldencast from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, September 1st. Finally, Wall Street Zen upgraded Waldencast to a “hold” rating in a research report on Saturday, May 30th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.33.

Waldencast Price Performance

The stock has a fifty day moving average of $1.46 and a 200-day moving average of $1.41. The company has a quick ratio of 0.97, a current ratio of 1.70 and a debt-to-equity ratio of 0.29.

Hedge Funds Weigh In On Waldencast

Institutional investors have recently modified their holdings of the stock. Stoic Point Capital Management LLC grew its stake in shares of Waldencast by 17.1% during the first quarter. Stoic Point Capital Management LLC now owns 1,637,010 shares of the company’s stock valued at $1,555,000 after purchasing an additional 239,000 shares during the last quarter. Bank of New York Mellon Corp raised its position in Waldencast by 11.2% in the 1st quarter. Bank of New York Mellon Corp now owns 106,112 shares of the company’s stock worth $101,000 after purchasing an additional 10,728 shares during the last quarter. Bank of America Corp DE lifted its holdings in Waldencast by 32.2% during the 1st quarter. Bank of America Corp DE now owns 42,676 shares of the company’s stock worth $40,000 after buying an additional 10,396 shares in the last quarter. Finally, Citadel Advisors LLC bought a new position in Waldencast in the 2nd quarter valued at $39,000. 41.97% of the stock is owned by institutional investors.

Waldencast Company Profile

Waldencast plc is a global beauty and wellness company that develops, acquires and operates consumer brands across skincare, cosmetics and related personal-care categories. Its portfolio has included Obagi Skincare, a dermatologist-focused skincare brand, and Milk Makeup, a color cosmetics brand known for makeup and skincare products.

The company’s products are designed for distribution through professional, specialty, mass-market and e-commerce channels. Waldencast serves consumers in multiple international markets through retail partners, digital commerce and professional skincare channels, although the availability of individual brands and products can vary by geography.

Waldencast was established as a beauty-focused platform and became a publicly traded company on Nasdaq in 2022 through a business combination with a special purpose acquisition company.