Olaplex (NASDAQ:OLPX) Shares Up 11.3% – Here’s Why

Olaplex Holdings, Inc. (NASDAQ:OLPX)’s share price traded up 11.3% on Wednesday . The company traded as high as $1.6799 and last traded at $1.6699. 1,787,222 shares changed hands during mid-day trading, an increase of 15% from the average session volume of 1,553,937 shares. The stock had previously closed at $1.50.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on OLPX shares. Barclays set a $1.75 target price on shares of Olaplex in a research report on Friday, January 16th. Zacks Research upgraded shares of Olaplex from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 19th. Jefferies Financial Group reiterated a “buy” rating on shares of Olaplex in a research report on Wednesday. Wall Street Zen cut Olaplex from a “hold” rating to a “sell” rating in a report on Sunday, February 15th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Olaplex in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $1.85.

Olaplex Price Performance

The stock’s fifty day moving average price is $1.54 and its 200-day moving average price is $1.36. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 76.00 and a beta of 2.24. The company has a current ratio of 4.16, a quick ratio of 3.52 and a debt-to-equity ratio of 0.40.

Institutional Trading of Olaplex

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OLPX. Empowered Funds LLC purchased a new position in Olaplex in the first quarter valued at $576,000. Jane Street Group LLC lifted its stake in Olaplex by 151.8% during the first quarter. Jane Street Group LLC now owns 88,321 shares of the company’s stock worth $112,000 after purchasing an additional 258,873 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in Olaplex during the second quarter worth approximately $75,000. Creative Planning lifted its position in shares of Olaplex by 35.0% during the 2nd quarter. Creative Planning now owns 37,357 shares of the company’s stock worth $52,000 after buying an additional 9,690 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd boosted its holdings in shares of Olaplex by 139.9% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 93,933 shares of the company’s stock valued at $132,000 after buying an additional 54,781 shares in the last quarter. Hedge funds and other institutional investors own 87.37% of the company’s stock.

Olaplex Company Profile

Olaplex, Inc (NASDAQ: OLPX) is a specialty haircare company known for its patented bond-building technology designed to repair and strengthen hair from within. The company’s core offerings encompass a range of professional salon treatments and at-home maintenance products that target chemical damage, breakage and split ends. Olaplex formulations are built around a proprietary active ingredient that works at the molecular level to rebuild disulfide bonds broken during bleaching, coloring and heat styling processes.

Founded in 2014 and headquartered in Irvine, California, Olaplex initially gained traction among high-end salons before expanding into broader retail channels.