Olaplex (NASDAQ:OLPX) Trading Down 4.3% – Here’s What Happened

Olaplex Holdings, Inc. (NASDAQ:OLPX)’s share price dropped 4.3% during mid-day trading on Thursday . The stock traded as low as $1.66 and last traded at $1.66. Approximately 639,126 shares were traded during trading, a decline of 73% from the average daily volume of 2,352,698 shares. The stock had previously closed at $1.73.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Barclays cut their price objective on Olaplex from $2.00 to $1.50 and set an “equal weight” rating for the company in a report on Monday, November 11th. Telsey Advisory Group restated a “market perform” rating and issued a $3.00 price target on shares of Olaplex in a research report on Thursday, November 7th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $2.30.

Olaplex Price Performance

The stock has a fifty day moving average of $1.90 and a 200-day moving average of $1.97. The firm has a market capitalization of $1.08 billion, a P/E ratio of 27.17 and a beta of 2.48. The company has a quick ratio of 10.32, a current ratio of 11.84 and a debt-to-equity ratio of 0.73.

Olaplex (NASDAQ:OLPX) last announced its earnings results on Thursday, November 7th. The company reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. Olaplex had a net margin of 9.78% and a return on equity of 10.50%. The company had revenue of $119.10 million during the quarter, compared to the consensus estimate of $126.51 million. During the same period in the previous year, the firm posted $0.05 earnings per share. The company’s revenue was down 3.6% on a year-over-year basis. Equities analysts predict that Olaplex Holdings, Inc. will post 0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director John P. Bilbrey acquired 51,697 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was acquired at an average cost of $1.75 per share, with a total value of $90,469.75. Following the completion of the purchase, the director now directly owns 318,418 shares in the company, valued at approximately $557,231.50. This trade represents a 19.38 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Olaplex

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC boosted its stake in Olaplex by 5,728.5% during the 3rd quarter. Jane Street Group LLC now owns 2,633,397 shares of the company’s stock worth $6,188,000 after acquiring an additional 2,588,216 shares during the last quarter. Geode Capital Management LLC raised its holdings in Olaplex by 14.5% in the third quarter. Geode Capital Management LLC now owns 3,708,821 shares of the company’s stock worth $8,717,000 after purchasing an additional 468,570 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Olaplex by 29.1% during the second quarter. Bank of New York Mellon Corp now owns 942,288 shares of the company’s stock worth $1,451,000 after purchasing an additional 212,129 shares in the last quarter. Franklin Resources Inc. acquired a new position in shares of Olaplex in the 3rd quarter valued at $664,000. Finally, Scion Asset Management LLC acquired a new stake in Olaplex during the 2nd quarter worth $1,533,000. Institutional investors own 87.37% of the company’s stock.

About Olaplex

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.