Waldencast PLC (NASDAQ:WALD) Sees Large Drop in Short Interest

Key Points

• Waldencast PLC experienced a significant decrease in short interest, dropping by 45.0% from 1,140,000 shares to 627,300 shares as of July 31st, with short interest representing approximately 4.5% of the total shares.
• Several hedge funds have increased their ownership in Waldencast, with MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. leading the charge by raising its position by 57.9% during the second quarter.
• Analysts have set a consensus price target of $5.11 for Waldencast, with ratings varying from "sell" to "buy," highlighting a mixed outlook for the stock.

Waldencast PLC (NASDAQ:WALD - Get Free Report) was the target of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totaling 627,300 shares, adecreaseof45.0% from the July 15th total of 1,140,000 shares. Approximately4.5% of the shares of the company are sold short. Based on an average trading volume of 154,500 shares, the days-to-cover ratio is presently 4.1 days. Based on an average trading volume of 154,500 shares, the days-to-cover ratio is presently 4.1 days. Approximately4.5% of the shares of the company are sold short.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WALD. Wells Fargo & Company MN increased its position in Waldencast by 29.9% during the 4th quarter. Wells Fargo & Company MN now owns 14,571 shares of the company's stock worth $59,000 after purchasing an additional 3,358 shares in the last quarter. Barclays PLC increased its position in Waldencast by 15.1% during the 4th quarter. Barclays PLC now owns 37,342 shares of the company's stock worth $150,000 after purchasing an additional 4,906 shares in the last quarter. Northern Trust Corp increased its position in Waldencast by 4.1% during the 4th quarter. Northern Trust Corp now owns 167,662 shares of the company's stock worth $674,000 after purchasing an additional 6,640 shares in the last quarter. Rhumbline Advisers increased its position in Waldencast by 15.2% during the 1st quarter. Rhumbline Advisers now owns 61,630 shares of the company's stock worth $185,000 after purchasing an additional 8,151 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Waldencast by 57.9% during 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 in the last quarter. Hedge funds and other institutional investors own 41.97% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on WALD shares. Alliance Global Partners reissued a "buy" rating on shares of Waldencast in a report on Thursday, May 15th. Canaccord Genuity Group decreased their price target on Waldencast from $6.00 to $5.00 and set a "buy" rating for the company in a report on Thursday, May 15th. Wall Street Zen downgraded Waldencast from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Telsey Advisory Group reaffirmed an "outperform" rating and set a $4.00 price target on shares of Waldencast in a report on Wednesday, August 13th. Finally, Industrial Alliance Securities set a $5.00 price target on Waldencast in a report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $5.11.

Waldencast Stock Performance

Shares of WALD stock opened at $1.73 on Monday. Waldencast has a fifty-two week low of $1.60 and a fifty-two week high of $4.74. The business has a fifty day simple moving average of $2.25 and a 200-day simple moving average of $2.66. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.66 and a current ratio of 1.35.

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.

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