Olaplex (NASDAQ:OLPX) Trading 6.5% Higher – Here’s Why

Olaplex Holdings, Inc. (NASDAQ:OLPX)’s stock price rose 6.5% on Tuesday . The company traded as high as $1.4250 and last traded at $1.3850. Approximately 743,020 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 1,255,509 shares. The stock had previously closed at $1.30.

Analysts Set New Price Targets

OLPX has been the subject of several analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Olaplex in a report on Wednesday, October 8th. Canaccord Genuity Group upgraded Olaplex from a “hold” rating to a “buy” rating and boosted their target price for the stock from $1.50 to $2.00 in a research report on Monday, August 25th. Telsey Advisory Group reissued a “market perform” rating and issued a $2.00 price target on shares of Olaplex in a report on Friday, November 7th. Barclays dropped their price objective on Olaplex from $1.50 to $1.25 and set an “equal weight” rating on the stock in a report on Monday, November 10th. Finally, Northland Capmk raised Olaplex to a “strong-buy” rating in a report on Thursday, November 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $1.85.

Olaplex Price Performance

The company has a market cap of $867.76 million, a price-to-earnings ratio of 71.50 and a beta of 2.28. The company has a fifty day simple moving average of $1.15 and a two-hundred day simple moving average of $1.32. The company has a quick ratio of 3.52, a current ratio of 4.16 and a debt-to-equity ratio of 0.40.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. T. Rowe Price Investment Management Inc. increased its position in Olaplex by 12.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 27,567,214 shares of the company’s stock worth $35,011,000 after buying an additional 3,066,614 shares in the last quarter. Portolan Capital Management LLC lifted its position in shares of Olaplex by 132.6% in the third quarter. Portolan Capital Management LLC now owns 3,635,124 shares of the company’s stock valued at $4,762,000 after acquiring an additional 2,072,383 shares in the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of Olaplex by 1,314.1% during the second quarter. Balyasny Asset Management L.P. now owns 1,508,013 shares of the company’s stock valued at $2,111,000 after acquiring an additional 1,401,369 shares during the last quarter. Bridgeway Capital Management LLC increased its position in Olaplex by 56.2% during the 2nd quarter. Bridgeway Capital Management LLC now owns 2,629,139 shares of the company’s stock worth $3,681,000 after purchasing an additional 946,265 shares in the last quarter. Finally, Nantahala Capital Management LLC purchased a new stake in Olaplex during the 1st quarter worth about $826,000. 87.37% of the stock is 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.