MIG Capital LLC Sells 758,781 Shares of European Wax Center, Inc. (NASDAQ:EWCZ)

MIG Capital LLC trimmed its position in European Wax Center, Inc. (NASDAQ:EWCZ) by 26.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,088,456 shares of the company’s stock after selling 758,781 shares during the quarter. European Wax Center makes up approximately 1.7% of MIG Capital LLC’s portfolio, making the stock its 19th biggest holding. MIG Capital LLC’s holdings in European Wax Center were worth $14,202,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of EWCZ. SG Americas Securities LLC purchased a new stake in European Wax Center in the 3rd quarter worth approximately $93,000. Royce & Associates LP bought a new position in shares of European Wax Center in the third quarter worth $108,000. Aigen Investment Management LP bought a new position in shares of European Wax Center in the third quarter worth $114,000. Dark Forest Capital Management LP purchased a new stake in shares of European Wax Center in the second quarter worth $127,000. Finally, Algert Global LLC bought a new stake in European Wax Center during the second quarter valued at $135,000. 82.14% of the stock is currently owned by institutional investors.

European Wax Center Stock Performance

NASDAQ EWCZ opened at $5.93 on Thursday. The firm has a market cap of $337.65 million, a price-to-earnings ratio of 25.78, a PEG ratio of 2.42 and a beta of 1.11. The company has a 50-day simple moving average of $6.94 and a two-hundred day simple moving average of $8.33. The company has a quick ratio of 2.42, a current ratio of 3.17 and a debt-to-equity ratio of 3.81. European Wax Center, Inc. has a 12-month low of $4.80 and a 12-month high of $16.07.

Analysts Set New Price Targets

Several research firms have weighed in on EWCZ. Bank of America lowered their price target on European Wax Center from $16.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, August 21st. Telsey Advisory Group reiterated an “outperform” rating and set a $8.00 target price on shares of European Wax Center in a research report on Thursday, November 14th. Morgan Stanley reissued an “underweight” rating and issued a $5.00 price target on shares of European Wax Center in a research note on Friday, November 15th. Citigroup downgraded European Wax Center from a “buy” rating to a “neutral” rating and lowered their price target for the company from $16.00 to $5.50 in a research report on Thursday, August 15th. Finally, Truist Financial cut their price objective on European Wax Center from $16.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, European Wax Center has an average rating of “Hold” and a consensus price target 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.