Fred Alger Management LLC Lowers Position in European Wax Center, Inc. (NASDAQ:EWCZ)

Fred Alger Management LLC decreased its holdings in shares of European Wax Center, Inc. (NASDAQ:EWCZ) by 1.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 200,989 shares of the company’s stock after selling 2,356 shares during the quarter. Fred Alger Management LLC’s holdings in European Wax Center were worth $1,367,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC bought a new position in European Wax Center during the third quarter valued at approximately $93,000. Royce & Associates LP purchased a new position in European Wax Center during the 3rd quarter valued at $108,000. Aigen Investment Management LP bought a new position in European Wax Center in the third quarter worth about $114,000. Dark Forest Capital Management LP bought a new position in shares of European Wax Center in the 2nd quarter worth approximately $127,000. Finally, Algert Global LLC purchased a new position 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

Shares of EWCZ opened at $6.01 on Monday. European Wax Center, Inc. has a 12 month low of $4.80 and a 12 month high of $16.07. The business’s fifty day simple moving average is $6.87 and its two-hundred day simple moving average is $8.24. 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 cap of $342.23 million, a price-to-earnings ratio of 26.13, a P/E/G ratio of 2.30 and a beta of 1.11.

Analyst Ratings Changes

EWCZ has been the subject of a number of recent research reports. Bank of America lowered their price target on shares of European Wax Center from $16.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Truist Financial lowered their target price on shares of European Wax Center from $16.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, August 15th. Morgan Stanley restated 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 cut European Wax Center from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $16.00 to $5.50 in a research note on Thursday, August 15th. Finally, Robert W. Baird cut their target price on European Wax Center from $13.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $7.64.

European Wax Center 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.