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

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

Several other equities research analysts have also issued reports on the stock. Telsey Advisory Group reissued an “outperform” rating and set a $6.00 target price on shares of Waldencast in a research note on Wednesday, October 9th. DA Davidson increased their target price on shares of Waldencast from $6.50 to $7.25 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, Canaccord Genuity Group began coverage on shares of Waldencast in a research note on Friday. They issued a “buy” rating and a $5.00 price target on the stock.

Waldencast Trading Up 3.3 %

Shares of WALD stock traded up $0.11 during mid-day trading on Friday, hitting $3.49. 66,777 shares of the stock were exchanged, compared to its average volume of 136,278. The firm has a fifty day moving average of $3.54 and a 200 day moving average of $3.92. The company has a current ratio of 1.47, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. Waldencast has a 52-week low of $2.40 and a 52-week high of $12.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP purchased a new position in Waldencast in the 2nd quarter valued at about $37,000. Catalina Capital Group LLC purchased a new position in Waldencast in the 1st quarter valued at about $73,000. Norden Group LLC purchased a new position in Waldencast in the 1st quarter valued at about $92,000. McAdam LLC purchased a new position in Waldencast in the 3rd quarter worth approximately $62,000. Finally, Bleakley Financial Group LLC purchased a new position in Waldencast in the 1st quarter worth approximately $142,000. 41.97% of the stock is owned by hedge funds and other institutional investors.

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.