Olaplex (NASDAQ:OLPX) Trading Up 4.5% – Here’s Why

Olaplex Holdings, Inc. (NASDAQ:OLPX)’s stock price traded up 4.5% on Tuesday . The stock traded as high as $1.76 and last traded at $1.76. 432,994 shares changed hands during trading, a decline of 82% from the average session volume of 2,423,867 shares. The stock had previously closed at $1.68.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. TD Cowen lifted their target price on Olaplex from $1.80 to $2.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $3.00 price target on shares of Olaplex in a research note on Thursday, November 7th. Finally, Barclays cut their target price on Olaplex from $2.00 to $1.50 and set an “equal weight” rating on the stock in a research report on Monday. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $2.30.

Olaplex Price Performance

The stock has a market cap of $1.13 billion, a PE ratio of 28.00 and a beta of 2.47. The company has a debt-to-equity ratio of 0.75, a current ratio of 9.27 and a quick ratio of 7.85. The business has a fifty day moving average of $2.16 and a 200 day moving average of $1.90.

Olaplex (NASDAQ:OLPX) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. The business had revenue of $119.10 million for the quarter, compared to analysts’ expectations of $126.51 million. Olaplex had a return on equity of 10.57% and a net margin of 9.78%. The business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.05 EPS. Sell-side analysts anticipate that Olaplex Holdings, Inc. will post 0.13 earnings per share for the current year.

Insider Activity at Olaplex

In other news, Director John P. Bilbrey purchased 183,493 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was purchased at an average cost of $2.05 per share, with a total value of $376,160.65. Following the purchase, the director now owns 241,593 shares in the company, valued at $495,265.65. This trade represents a 300.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Olaplex

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. grew its stake in shares of Olaplex by 42.0% in the second quarter. Pacer Advisors Inc. now owns 19,686,481 shares of the company’s stock worth $30,317,000 after acquiring an additional 5,824,889 shares during the last quarter. Scion Asset Management LLC acquired a new position in shares of Olaplex during the 2nd quarter worth about $1,533,000. Vanguard Group Inc. grew its position in shares of Olaplex by 8.4% during the 1st quarter. Vanguard Group Inc. now owns 11,935,003 shares of the company’s stock worth $22,915,000 after buying an additional 929,693 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Olaplex by 49,511.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 269,392 shares of the company’s stock valued at $633,000 after purchasing an additional 268,849 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Olaplex by 29.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 942,288 shares of the company’s stock valued at $1,451,000 after purchasing an additional 212,129 shares during the period. Institutional investors own 87.37% of the company’s stock.

About Olaplex

Olaplex Holdings, Inc develops, manufactures, and sells hair care products in the United States and internationally. The company offers hair care shampoos and conditioners for use in treatment, maintenance, and protection of hair, as well as oil, moisture mask, and nourishing hair serum. It provides hair care products to professional hair salons, retailers, and everyday consumers.