Mister Car Wash (NYSE:MCW) Reaches New 52-Week Low Following Weak Earnings

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Mister Car Wash, Inc. (NYSE:MCW - Get Free Report) hit a new 52-week low during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $5.27 and last traded at $5.43, with a volume of 1336215 shares trading hands. The stock had previously closed at $6.14.

The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.02). The business had revenue of $265.42 million during the quarter, compared to analysts' expectations of $271.83 million. Mister Car Wash had a return on equity of 10.49% and a net margin of 7.06%. The business's quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.11 earnings per share.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Wells Fargo & Company reduced their target price on shares of Mister Car Wash from $9.00 to $8.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. Piper Sandler dropped their price target on shares of Mister Car Wash from $11.00 to $8.00 and set an "overweight" rating for the company in a research report on Thursday. BMO Capital Markets dropped their price objective on shares of Mister Car Wash from $11.00 to $9.00 and set an "outperform" rating for the company in a report on Friday. The Goldman Sachs Group assumed coverage on shares of Mister Car Wash in a report on Tuesday, June 3rd. They issued a "sell" rating and a $6.25 price objective for the company. Finally, BTIG Research assumed coverage on shares of Mister Car Wash in a research report on Monday, June 30th. They set a "neutral" rating for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $8.00.

Insider Transactions at Mister Car Wash

In other Mister Car Wash news, insider Mary Lyn Porter sold 6,303 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $6.69, for a total value of $42,167.07. Following the transaction, the insider directly owned 23,081 shares of the company's stock, valued at approximately $154,411.89. The trade was a 21.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Joseph Duane Matheny sold 102,456 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $6.30, for a total transaction of $645,472.80. Following the completion of the transaction, the insider directly owned 88,196 shares in the company, valued at $555,634.80. This represents a 53.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 266,355 shares of company stock worth $1,733,596 over the last 90 days. Company insiders own 69.00% of the company's stock.

Hedge Funds Weigh In On Mister Car Wash

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in Mister Car Wash by 87.4% in the 2nd quarter. GAMMA Investing LLC now owns 5,645 shares of the company's stock valued at $34,000 after buying an additional 2,632 shares during the period. Quantinno Capital Management LP acquired a new position in Mister Car Wash in the 4th quarter valued at $77,000. Quarry LP acquired a new position in Mister Car Wash in the 4th quarter valued at $79,000. Forum Financial Management LP acquired a new position in Mister Car Wash in the 4th quarter valued at $81,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in Mister Car Wash in the 2nd quarter valued at $91,000.

Mister Car Wash Stock Performance

The company has a current ratio of 0.53, a quick ratio of 0.24 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of 25.96, a PEG ratio of 1.65 and a beta of 1.49. The stock's 50 day moving average price is $6.45 and its two-hundred day moving average price is $7.21.

About Mister Car Wash

Mister Car Wash, Inc, together with its subsidiaries, provides conveyorized car wash services in the United States. It offers express exterior and interior cleaning services. The company serves individual retail and corporate customers. The company was formerly known as Hotshine Holdings, Inc and changed its name to Mister Car Wash, Inc in March 2021.