Canaccord Genuity Group Upgrades Olaplex (NASDAQ:OLPX) to Buy

Key Points

• Olaplex's stock rating has been upgraded by Canaccord Genuity Group from "hold" to "buy," with a new price target of $2.00, indicating a potential upside of 42.86% from its current price.
• The company's recent quarterly earnings showed a revenue increase of 2.3% year-over-year, but it missed EPS estimates, reporting ($0.01) compared to a consensus of $0.01.
• Institutional investors hold 87.37% of Olaplex's stock, with several firms recently increasing their stakes in the company, indicating a growing interest in its potential.

Canaccord Genuity Group upgraded shares of Olaplex (NASDAQ:OLPX - Free Report) from a hold rating to a buy rating in a research report released on Monday, MarketBeat Ratings reports. They currently have $2.00 price target on the stock, up from their previous price target of $1.50.

Several other equities research analysts have also commented on the company. Barclays boosted their price target on Olaplex from $1.40 to $1.50 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. Wall Street Zen raised Olaplex from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, Telsey Advisory Group reissued a "market perform" rating and set a $2.00 price target on shares of Olaplex in a research note on Thursday, August 7th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $1.88.

Olaplex Stock Performance

OLPX traded down $0.02 during trading on Monday, reaching $1.43. The company's stock had a trading volume of 535,241 shares, compared to its average volume of 1,157,067. Olaplex has a 52-week low of $1.01 and a 52-week high of $2.77. The company's fifty day moving average price is $1.45 and its 200-day moving average price is $1.37. The company has a market capitalization of $953.92 million, a price-to-earnings ratio of 35.75 and a beta of 2.33. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.20 and a current ratio of 3.86.

Olaplex (NASDAQ:OLPX - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.01) earnings per share for the quarter, missing analysts' consensus estimates of $0.01 by ($0.02). Olaplex had a negative net margin of 0.30% and a positive return on equity of 3.32%. The business had revenue of $106.28 million during the quarter, compared to analysts' expectations of $100.30 million. During the same period in the prior year, the firm posted $0.03 EPS. Olaplex's revenue for the quarter was up 2.3% compared to the same quarter last year. Olaplex has set its FY 2025 guidance at EPS. On average, equities analysts forecast that Olaplex will post 0.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Bridgeway Capital Management LLC raised its position in shares of Olaplex by 56.2% during the 2nd quarter. Bridgeway Capital Management LLC now owns 2,629,139 shares of the company's stock worth $3,681,000 after purchasing an additional 946,265 shares during the last quarter. Balyasny Asset Management L.P. raised its position in shares of Olaplex by 1,314.1% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,508,013 shares of the company's stock worth $2,111,000 after purchasing an additional 1,401,369 shares during the last quarter. Jane Street Group LLC raised its position in shares of Olaplex by 536.1% during the 2nd quarter. Jane Street Group LLC now owns 561,806 shares of the company's stock worth $787,000 after purchasing an additional 473,485 shares during the last quarter. Sei Investments Co. acquired a new position in shares of Olaplex during the 2nd quarter worth approximately $160,000. Finally, Archon Capital Management LLC acquired a new position in shares of Olaplex during the 2nd quarter worth approximately $249,000. 87.37% of the stock is currently owned by institutional investors and hedge funds.

Olaplex Company Profile

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.