Short Interest in Waldencast PLC (NASDAQ:WALD) Drops By 84.6%

Key Points

• Short interest in Waldencast PLC plunged 84.6% in June, falling to 163,296 shares by June 30 from 1,062,548 shares two weeks earlier. That represents just about 0.1% of shares outstanding and a very low days-to-cover ratio of 0.2.
• Shares were slightly higher on Friday, trading at $1.73, with volume below average. The stock remains well below its 52-week high of $3.22 but above its low of $0.72.
• Analyst sentiment is mixed but cautious, with an overall consensus rating of “Hold” and an average target price of $2.33. Recent moves included a downgrade from Weiss Ratings, while Canaccord Genuity maintained a Buy rating and raised its target to $3.00.

Waldencast PLC (NASDAQ:WALD - Get Free Report) saw a large decline in short interest in the month of June. As of June 30th, there was short interest totaling 163,296 shares, a decline of 84.6% from the June 15th total of 1,062,548 shares. Based on an average trading volume of 871,694 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.1% of the company's shares are sold short.

Waldencast Price Performance

WALD traded up $0.01 during trading on Friday, hitting $1.73. 205,841 shares of the stock were exchanged, compared to its average volume of 643,069. The company has a current ratio of 1.70, a quick ratio of 0.97 and a debt-to-equity ratio of 0.29. The firm has a 50 day simple moving average of $1.57 and a 200 day simple moving average of $1.51. Waldencast has a 1 year low of $0.72 and a 1 year high of $3.22.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Weiss Ratings lowered Waldencast from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, June 24th. Wall Street Zen upgraded shares of Waldencast to a "hold" rating in a report on Saturday, May 30th. Telsey Advisory Group reduced their price target on shares of Waldencast from $3.00 to $2.00 and set a "market perform" rating on the stock in a research note on Monday, March 16th. Finally, Canaccord Genuity Group lifted their price objective on shares of Waldencast from $2.00 to $3.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $2.33.

Institutional Trading of Waldencast

Several institutional investors and hedge funds have recently made changes to their positions in the company. Invesco Ltd. bought a new position in Waldencast during the 2nd quarter worth about $26,000. Bank of America Corp DE raised its holdings in shares of Waldencast by 32.2% in the 1st quarter. Bank of America Corp DE now owns 42,676 shares of the company's stock valued at $40,000 after purchasing an additional 10,396 shares in the last quarter. CIBC Asset Management Inc bought a new stake in shares of Waldencast in the 4th quarter valued at about $46,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Waldencast by 57.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,130 shares of the company's stock worth $57,000 after purchasing an additional 8,485 shares during the period. Finally, Jane Street Group LLC bought a new position in shares of Waldencast during the first quarter valued at approximately $77,000. 41.97% of the stock is currently owned by 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. The company also offers clean makeup products under the Milk Makeup brand. It sells its products to dermatologists, plastic surgeons, and other physicians who focuses on aesthetic and therapeutic skincare, including physicians on site at medical spas, through its direct sales force, as well as through distribution partners.

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