Short Interest in Waldencast PLC (NASDAQ:WALD) Grows By 60.6%

Key Points

• Short interest in Waldencast PLC increased by 60.6% in August, reaching 940,100 shares, which represents 5.2% of the company's total shares.
• Several hedge funds have initiated new positions in Waldencast, resulting in institutional ownership of approximately 41.97% of the company's stock.
• Analysts have set a new average price target of $4.97 for Waldencast, with a consensus rating of "Moderate Buy," although some have downgraded their ratings recently.

Waldencast PLC (NASDAQ:WALD - Get Free Report) saw a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 940,100 shares, an increase of 60.6% from the August 15th total of 585,300 shares. Currently, 5.2% of the company's shares are sold short. Based on an average daily trading volume, of 266,900 shares, the short-interest ratio is currently 3.5 days. Based on an average daily trading volume, of 266,900 shares, the short-interest ratio is currently 3.5 days. Currently, 5.2% of the company's shares are sold short.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of WALD. Invesco Ltd. purchased a new position in shares of Waldencast during the second quarter valued at approximately $26,000. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Waldencast during the second quarter valued at approximately $26,000. Stonebrook Private Inc. purchased a new position in shares of Waldencast during the fourth quarter valued at approximately $48,000. McAdam LLC purchased a new position in shares of Waldencast during the second quarter valued at approximately $56,000. Finally, Ethic Inc. purchased a new position in shares of Waldencast during the fourth quarter valued at approximately $56,000. Hedge funds and other institutional investors own 41.97% of the company's stock.

Waldencast Stock Performance

NASDAQ WALD opened at $1.81 on Monday. The company has a fifty day simple moving average of $1.96 and a 200 day simple moving average of $2.43. Waldencast has a 12-month low of $1.48 and a 12-month high of $4.40. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.35 and a quick ratio of 0.66.

Analysts Set New Price Targets

WALD has been the subject of several recent research reports. Telsey Advisory Group decreased their price target on Waldencast from $4.00 to $3.00 and set an "outperform" rating for the company in a research note on Wednesday, August 20th. Wall Street Zen cut Waldencast from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Waldencast currently has a consensus rating of "Moderate Buy" and an average price target of $4.97.

About Waldencast

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.

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