Olaplex (NASDAQ:OLPX) Stock Price Up 6%

Olaplex Holdings, Inc. (NASDAQ:OLPX) shares shot up 6% during mid-day trading on Thursday . The stock traded as high as $1.94 and last traded at $1.93. 894,121 shares were traded during mid-day trading, a decline of 54% from the average session volume of 1,949,227 shares. The stock had previously closed at $1.82.

Wall Street Analyst Weigh In

Several brokerages have issued reports on OLPX. Truist Financial lowered their target price on Olaplex from $7.00 to $3.00 and set a “buy” rating on the stock in a research note on Monday, March 4th. Piper Sandler upgraded Olaplex from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $1.25 to $2.00 in a research note on Tuesday, March 19th. Finally, Telsey Advisory Group restated a “market perform” rating and issued a $2.00 target price on shares of Olaplex in a research note on Thursday, February 29th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Olaplex currently has a consensus rating of “Hold” and an average price target of $2.59.

Olaplex Stock Up 5.5 %

The company has a quick ratio of 9.21, a current ratio of 10.92 and a debt-to-equity ratio of 0.77. The company has a market cap of $1.27 billion, a P/E ratio of 20.22 and a beta of 2.27. The company has a fifty day moving average of $2.05 and a 200 day moving average of $2.05.

Olaplex (NASDAQ:OLPX) last released its quarterly earnings results on Thursday, February 29th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03. Olaplex had a return on equity of 13.09% and a net margin of 13.44%. The business had revenue of $111.72 million during the quarter, compared to analyst estimates of $108.29 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. Olaplex’s revenue for the quarter was down 14.5% on a year-over-year basis. On average, research analysts anticipate that Olaplex Holdings, Inc. will post 0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Olaplex

Several large investors have recently made changes to their positions in OLPX. Norges Bank purchased a new position in shares of Olaplex in the fourth quarter valued at about $18,806,000. Marshall Wace LLP purchased a new stake in shares of Olaplex in the fourth quarter worth about $15,920,000. AQR Capital Management LLC lifted its position in shares of Olaplex by 142.1% in the first quarter. AQR Capital Management LLC now owns 5,078,963 shares of the company’s stock worth $20,875,000 after buying an additional 2,980,954 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Olaplex in the fourth quarter worth about $6,157,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Olaplex by 19.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 13,465,001 shares of the company’s stock worth $189,722,000 after buying an additional 2,193,104 shares in the last quarter. 87.37% of the stock is currently owned by hedge funds and other institutional investors.

Olaplex Company Profile

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.