Olaplex (NASDAQ:OLPX) Stock Price Down 6.6% – Here’s What Happened

by · The Markets Daily

Olaplex Holdings, Inc. (NASDAQ:OLPX – Get Free Report)’s stock price dropped 6.6% on Wednesday . The company traded as low as $1.35 and last traded at $1.3350. Approximately 336,200 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 1,259,088 shares. The stock had previously closed at $1.43.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on OLPX shares. Wall Street Zen downgraded shares of Olaplex from a “hold” rating to a “sell” rating in a research note on Saturday, November 29th. Zacks Research raised Olaplex from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 25th. Telsey Advisory Group restated a “market perform” rating and set a $2.00 price objective on shares of Olaplex in a report on Friday, November 7th. Northland Capmk upgraded Olaplex to a “strong-buy” rating in a research note on Thursday, November 20th. Finally, Canaccord Genuity Group upgraded Olaplex from a “hold” rating to a “buy” rating and increased their target price for the stock from $1.50 to $2.00 in a research report on Monday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Olaplex currently has an average rating of “Hold” and an average target price of $1.85.

Read Our Latest Report on OLPX

Olaplex Stock Down 8.7%

The firm has a market capitalization of $871.10 million, a PE ratio of 65.00 and a beta of 2.28. The company has a current ratio of 4.16, a quick ratio of 3.52 and a debt-to-equity ratio of 0.40. The firm has a 50-day moving average of $1.15 and a two-hundred day moving average of $1.32.

Olaplex (NASDAQ:OLPX – Get Free Report) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.02 EPS for the quarter, hitting the consensus estimate of $0.02. The company had revenue of $114.58 million during the quarter, compared to analyst estimates of $109.77 million. Olaplex had a positive return on equity of 1.31% and a negative net margin of 1.18%.The firm’s revenue was down 3.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.04 earnings per share. On average, equities research analysts forecast that Olaplex Holdings, Inc. will post 0.1 EPS for the current year.

Institutional Investors Weigh In On Olaplex

Several institutional investors have recently bought and sold shares of the business. Hsbc Holdings PLC raised its stake in shares of Olaplex by 80.6% in the 1st quarter. Hsbc Holdings PLC now owns 35,902 shares of the company’s stock valued at $46,000 after acquiring an additional 16,023 shares during the period. Nuveen LLC acquired a new stake in Olaplex in the 1st quarter valued at $428,000. Nantahala Capital Management LLC purchased a new position in Olaplex in the first quarter valued at about $826,000. Ninety One UK Ltd lifted its stake in shares of Olaplex by 18.5% during the second quarter. Ninety One UK Ltd now owns 3,333,055 shares of the company’s stock worth $4,666,000 after purchasing an additional 520,011 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Olaplex by 287.6% in the first quarter. Russell Investments Group Ltd. now owns 713,320 shares of the company’s stock worth $906,000 after buying an additional 529,269 shares during the period. 87.37% of the stock is currently owned by hedge funds and other institutional investors.

About Olaplex

(Get Free Report)

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

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