Olaplex (NASDAQ:OLPX) Stock Price Down 8.9%

Olaplex Holdings, Inc. (NASDAQ:OLPX)’s stock price dropped 8.9% during trading on Thursday . The company traded as low as $1.75 and last traded at $1.75. Approximately 391,229 shares changed hands during trading, a decline of 84% from the average daily volume of 2,434,759 shares. The stock had previously closed at $1.92.

Analysts Set New Price Targets

Several brokerages recently issued reports on OLPX. Truist Financial cut their price target on Olaplex from $15.00 to $7.00 in a report on Wednesday, August 9th. The Goldman Sachs Group cut their price target on Olaplex from $6.00 to $3.00 and set a “neutral” rating on the stock in a report on Wednesday, August 9th. Morgan Stanley cut their price target on Olaplex from $3.65 to $2.10 and set an “equal weight” rating on the stock in a report on Thursday, November 9th. Canaccord Genuity Group cut Olaplex from a “buy” rating to a “hold” rating and lowered their target price for the company from $5.00 to $3.00 in a research report on Friday, August 11th. Finally, Telsey Advisory Group lowered their target price on Olaplex from $4.00 to $2.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 8th. Two research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $3.62.

Olaplex Trading Up 7.7 %

The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of 16.25, a PEG ratio of 1.14 and a beta of 1.85. The firm has a 50-day moving average price of $1.81 and a 200-day moving average price of $2.85. The company has a current ratio of 10.69, a quick ratio of 8.68 and a debt-to-equity ratio of 0.77.

Olaplex (NASDAQ:OLPX) last issued its quarterly earnings results on Tuesday, November 7th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.01. Olaplex had a return on equity of 16.55% and a net margin of 17.00%. The company had revenue of $123.60 million for the quarter, compared to analysts’ expectations of $115.98 million. During the same period last year, the firm earned $0.11 EPS. The firm’s revenue for the quarter was down 30.0% on a year-over-year basis. As a group, sell-side analysts predict that Olaplex Holdings, Inc. will post 0.15 EPS for the current year.

Hedge Funds Weigh In On Olaplex

Hedge funds have recently modified their holdings of the stock. American International Group Inc. grew its holdings in shares of Olaplex by 98.6% in the 2nd quarter. American International Group Inc. now owns 1,940 shares of the company’s stock worth $27,000 after acquiring an additional 963 shares during the last quarter. Captrust Financial Advisors boosted its position in Olaplex by 156.2% during the second quarter. Captrust Financial Advisors now owns 1,998 shares of the company’s stock valued at $28,000 after purchasing an additional 1,218 shares during the last quarter. First Manhattan Co. boosted its position in Olaplex by 6,000.0% during the first quarter. First Manhattan Co. now owns 2,135 shares of the company’s stock valued at $33,000 after purchasing an additional 2,100 shares during the last quarter. MetLife Investment Management LLC bought a new position in Olaplex during the first quarter valued at about $36,000. Finally, Tower Research Capital LLC TRC raised its holdings in Olaplex by 666.4% during the third quarter. Tower Research Capital LLC TRC now owns 5,181 shares of the company’s stock valued at $50,000 after buying an additional 4,505 shares in the last quarter. 90.87% of the stock is currently owned by institutional investors and hedge funds.

About Olaplex

Olaplex Holdings, Inc develops, manufactures, and sells hair care products. The company offers hair care shampoos and conditioners for use in treatment, maintenance, and protection of hair, as well as nourishing hair serum. It provides hair care products to professional hair salons, retailers, and everyday consumers.