Canaccord Genuity Group Cuts Olaplex (NASDAQ:OLPX) Price Target to $1.50

Key Points

• Canaccord Genuity Group has reduced its price target for Olaplex (NASDAQ:OLPX) from $2.00 to $1.50, maintaining a "hold" rating on the stock.
• Olaplex's stock has seen a 1-year low of $1.01 and a high of $2.77, currently trading at $1.29 with a market cap of $858.83 million.
• The company reported quarterly earnings showing a decrease in earnings per share to ($0.01), missing analysts' expectations, with revenue up 2.3% year-over-year at $106.28 million.

Olaplex (NASDAQ:OLPX - Get Free Report) had its target price dropped by investment analysts at Canaccord Genuity Group from $2.00 to $1.50 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "hold" rating on the stock. Canaccord Genuity Group's price target points to a potential upside of 8.30% from the stock's current price.

A number of other research analysts have also recently commented on OLPX. Wall Street Zen upgraded Olaplex from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Telsey Advisory Group reissued a "market perform" rating and issued a $2.00 target price on shares of Olaplex in a report on Thursday, August 7th. Finally, Barclays raised their target price on shares of Olaplex from $1.40 to $1.50 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat, Olaplex currently has a consensus rating of "Hold" and an average target price of $1.75.

Olaplex Price Performance

Shares of NASDAQ OLPX traded up $0.06 during mid-day trading on Friday, reaching $1.39. 409,700 shares of the company were exchanged, compared to its average volume of 1,376,790. Olaplex has a 52 week low of $1.01 and a 52 week high of $2.77. The company has a quick ratio of 9.53, a current ratio of 10.74 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $923.91 million, a PE ratio of 32.25 and a beta of 2.33. The company's 50 day moving average price is $1.44 and its 200 day moving average price is $1.38.

Olaplex (NASDAQ:OLPX - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.02). The business had revenue of $106.28 million during the quarter, compared to the consensus estimate of $100.30 million. Olaplex had a positive return on equity of 3.32% and a negative net margin of 0.30%. The business's revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.03 earnings per share. Sell-side analysts forecast that Olaplex will post 0.1 earnings per share for the current fiscal year.

Institutional Trading of Olaplex

A number of hedge funds have recently bought and sold shares of OLPX. Teacher Retirement System of Texas acquired a new position in shares of Olaplex in the 1st quarter valued at $25,000. R Squared Ltd acquired a new stake in Olaplex in the 2nd quarter valued at about $25,000. Hsbc Holdings PLC purchased a new stake in shares of Olaplex in the 4th quarter valued at approximately $34,000. BNP Paribas Financial Markets acquired a new position in shares of Olaplex in the 4th quarter worth approximately $35,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Olaplex in the 4th quarter valued at approximately $43,000. Hedge funds and other 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.