Waldencast (NASDAQ:WALD) Stock Price Up 11.8% – Should You Buy?

Waldencast plc (NASDAQ:WALD)’s stock price shot up 11.8% during mid-day trading on Friday . The company traded as high as $4.18 and last traded at $4.18. 82,630 shares traded hands during trading, a decline of 36% from the average session volume of 129,952 shares. The stock had previously closed at $3.74.

Analysts Set New Price Targets

Several research firms have recently commented on WALD. Telsey Advisory Group reissued an “outperform” rating and issued a $6.00 price objective on shares of Waldencast in a research note on Monday, November 18th. DA Davidson boosted their price target on shares of Waldencast from $7.25 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group increased their price objective on Waldencast from $5.00 to $6.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Finally, Canaccord Genuity Group started coverage on Waldencast in a research note on Friday, October 25th. They set a “buy” rating and a $5.00 target price for the company.

Waldencast Stock Up 8.3 %

The stock has a fifty day simple moving average of $3.42 and a 200-day simple moving average of $3.53. The company has a current ratio of 1.47, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21.

Hedge Funds Weigh In On Waldencast

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WALD. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Waldencast by 293.9% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,854 shares of the company’s stock worth $25,000 after buying an additional 5,114 shares during the last quarter. Marshall Wace LLP purchased a new stake in Waldencast in the second quarter valued at $37,000. Catalina Capital Group LLC acquired a new position in Waldencast in the third quarter valued at $58,000. McAdam LLC purchased a new position in shares of Waldencast during the third quarter worth about $62,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Waldencast during the second quarter worth about $85,000. 41.97% of the stock is owned by institutional investors and hedge funds.

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.