Olaplex (NASDAQ:OLPX) Trading Down 6.6% – Here’s Why

Olaplex Holdings, Inc. (NASDAQ:OLPX) shares were down 6.6% on Wednesday . The company traded as low as $1.3650 and last traded at $1.3550. Approximately 170,155 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 1,262,894 shares. The stock had previously closed at $1.45.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Northland Securities started coverage on shares of Olaplex in a research note on Thursday, November 20th. They issued an “outperform” rating and a $2.00 price target on the stock. Wall Street Zen cut shares of Olaplex from a “hold” rating to a “sell” rating in a report on Saturday, November 29th. Weiss Ratings reiterated a “sell (d)” rating on shares of Olaplex in a research note on Wednesday, October 8th. Northland Capmk raised Olaplex to a “strong-buy” rating in a research report on Thursday, November 20th. Finally, Barclays dropped their price objective on Olaplex from $1.50 to $1.25 and set an “equal weight” rating for the company in a report on Monday, November 10th. One 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 assigned a Sell rating to the stock. Based on data from MarketBeat, Olaplex currently has an average rating of “Hold” and a consensus price target of $1.85.

Olaplex Price Performance

The company’s 50-day moving average is $1.18 and its 200-day moving average is $1.33. The firm has a market cap of $937.85 million, a price-to-earnings ratio of 70.00 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.

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

Institutional Trading of Olaplex

Large investors have recently bought and sold shares of the business. CANADA LIFE ASSURANCE Co raised its stake in Olaplex by 2,320.4% during the third quarter. CANADA LIFE ASSURANCE Co now owns 135,639 shares of the company’s stock worth $180,000 after acquiring an additional 130,035 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Olaplex by 324.4% in the 3rd quarter. Bank of America Corp DE now owns 260,160 shares of the company’s stock valued at $341,000 after purchasing an additional 198,864 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of Olaplex during the 3rd quarter valued at approximately $30,000. Bridgeway Capital Management LLC increased its position in Olaplex by 2.1% during the 3rd quarter. Bridgeway Capital Management LLC now owns 2,684,791 shares of the company’s stock worth $3,517,000 after purchasing an additional 55,652 shares in the last quarter. Finally, Squarepoint Ops LLC increased its position in Olaplex by 1,521.9% during the 3rd quarter. Squarepoint Ops LLC now owns 168,553 shares of the company’s stock worth $221,000 after purchasing an additional 158,161 shares in the last quarter. 87.37% of the stock is owned by institutional investors and hedge funds.

About Olaplex

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.