Olaplex (NASDAQ:OLPX) Receives New Coverage from Analysts at Canaccord Genuity Group

Canaccord Genuity Group initiated coverage on shares of Olaplex (NASDAQ:OLPXGet Rating) in a report released on Wednesday, The Fly reports. The brokerage set a “buy” rating on the stock.

Other research analysts also recently issued reports about the company. Piper Sandler reduced their price objective on Olaplex from $12.00 to $8.00 and set a “neutral” rating on the stock in a report on Wednesday, October 19th. Bank of America downgraded Olaplex from a “buy” rating to an “underperform” rating and cut their price target for the company from $15.00 to $5.00 in a report on Wednesday, October 19th. Raymond James downgraded Olaplex from a “strong-buy” rating to a “market perform” rating and cut their price target for the company from $20.00 to $15.00 in a report on Wednesday, October 19th. Telsey Advisory Group cut their price target on Olaplex from $25.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, October 19th. Finally, The Goldman Sachs Group cut their price target on Olaplex from $22.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, October 10th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $9.15.

Olaplex Trading Up 1.4 %

OLPX opened at $5.75 on Wednesday. The stock’s fifty day moving average is $8.02 and its two-hundred day moving average is $12.56. The company has a market capitalization of $3.73 billion, a P/E ratio of 14.02, a PEG ratio of 1.31 and a beta of 1.02. Olaplex has a 52 week low of $3.80 and a 52 week high of $30.41. The company has a quick ratio of 3.91, a current ratio of 5.61 and a debt-to-equity ratio of 0.88.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OLPX. Nisa Investment Advisors LLC acquired a new stake in Olaplex during the 1st quarter worth about $1,100,000. SG Americas Securities LLC acquired a new stake in Olaplex during the 1st quarter worth about $1,656,000. Illinois Municipal Retirement Fund acquired a new stake in Olaplex during the 1st quarter worth about $381,000. Victory Capital Management Inc. lifted its position in Olaplex by 85.6% during the 1st quarter. Victory Capital Management Inc. now owns 19,250 shares of the company’s stock worth $283,000 after acquiring an additional 8,879 shares during the period. Finally, New York State Common Retirement Fund lifted its position in Olaplex by 12.6% during the 1st quarter. New York State Common Retirement Fund now owns 378,523 shares of the company’s stock worth $5,916,000 after acquiring an additional 42,501 shares during the period. 92.31% of the stock is currently owned by hedge funds and other institutional investors.

About Olaplex

(Get Rating)

Olaplex Holdings, Inc manufactures and sells hair care products. The company offers hair care shampoos and conditioners for use in treatment, maintenance, and protection of hair. It provides hair care products to professional hair salons, retailers, and everyday consumers. The company was founded in 2014 and is based in Santa Barbara, California.

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