Waldencast (NASDAQ:WALD) Shares Up 11.8% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

WALD has been the subject of a number of research reports. Canaccord Genuity Group boosted their target price on shares of Waldencast from $5.00 to $6.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Telsey Advisory Group reissued an “outperform” rating and set a $6.00 target price on shares of Waldencast in a report on Monday, November 18th. Canaccord Genuity Group started coverage on Waldencast in a research report on Friday, October 25th. They issued a “buy” rating and a $5.00 target price on the stock. Finally, DA Davidson boosted their price target on Waldencast from $7.25 to $7.50 and gave the stock a “buy” rating in a research report on Wednesday, December 4th.

Waldencast Trading Up 8.3 %

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 1.47. The stock has a 50-day moving average of $3.42 and a 200 day moving average of $3.53.

Hedge Funds Weigh In On Waldencast

A number of institutional investors have recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. boosted its stake in Waldencast by 293.9% during the third 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 period. Marshall Wace LLP purchased a new position in shares of Waldencast during the 2nd quarter worth approximately $37,000. Catalina Capital Group LLC acquired a new stake in Waldencast in the 3rd quarter valued at approximately $58,000. McAdam LLC purchased a new stake in Waldencast in the third quarter valued at approximately $62,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Waldencast during the second quarter worth $85,000. 41.97% of the stock is owned by hedge funds and other institutional investors.

Waldencast Company Profile

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.