European Wax Center (NASDAQ:EWCZ) Cut to “Neutral” at Piper Sandler

Piper Sandler cut shares of European Wax Center (NASDAQ:EWCZ) from an overweight rating to a neutral rating in a research note released on Monday, MarketBeat reports. The brokerage currently has $7.00 target price on the stock, down from their prior target price of $9.00.

Several other equities analysts also recently issued reports on EWCZ. Morgan Stanley restated an “underweight” rating and issued a $5.00 price objective on shares of European Wax Center in a research note on Friday, November 15th. Telsey Advisory Group cut European Wax Center from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $8.00 to $6.00 in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to MarketBeat, European Wax Center presently has an average rating of “Hold” and an average target price of $6.64.

European Wax Center Stock Up 0.9 %

Shares of NASDAQ:EWCZ opened at $6.41 on Monday. The firm has a 50 day simple moving average of $6.37 and a 200-day simple moving average of $7.24. European Wax Center has a twelve month low of $4.80 and a twelve month high of $16.07. The company has a current ratio of 3.17, a quick ratio of 2.42 and a debt-to-equity ratio of 3.81. The company has a market capitalization of $364.99 million, a PE ratio of 27.87, a P/E/G ratio of 2.31 and a beta of 1.01.

Insider Activity

In other news, Director Nital P. Scott sold 4,344 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $5.85, for a total value of $25,412.40. Following the completion of the transaction, the director now owns 29,262 shares in the company, valued at $171,182.70. This trade represents a 12.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 6.14% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dark Forest Capital Management LP purchased a new stake in shares of European Wax Center during the 2nd quarter worth approximately $127,000. Algert Global LLC purchased a new stake in European Wax Center during the second quarter worth $135,000. SG Americas Securities LLC acquired a new stake in European Wax Center in the third quarter valued at $93,000. Royce & Associates LP purchased a new position in shares of European Wax Center in the third quarter valued at $108,000. Finally, Aigen Investment Management LP acquired a new position in shares of European Wax Center during the 3rd quarter worth $114,000. 82.14% of the stock is currently owned by institutional investors and hedge funds.

About European Wax Center

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.