European Wax Center (NASDAQ:EWCZ) Cut to “Neutral” at Piper Sandler

European Wax Center (NASDAQ:EWCZ) was downgraded by analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued to investors on Monday,Briefing.com Automated Import reports. They currently have a $7.00 price target on the stock, down from their prior price target of $9.00. Piper Sandler’s target price indicates a potential upside of 7.20% from the stock’s current price.

A number of other research analysts also recently weighed in on EWCZ. Morgan Stanley reissued an “underweight” rating and set a $5.00 target price on shares of European Wax Center in a research report on Friday, November 15th. Telsey Advisory Group lowered European Wax Center from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $8.00 to $6.00 in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $6.64.

European Wax Center Price Performance

Shares of NASDAQ:EWCZ opened at $6.53 on Monday. The company has a market capitalization of $371.84 million, a P/E ratio of 28.39, a price-to-earnings-growth ratio of 2.35 and a beta of 1.01. The company’s 50-day moving average is $6.43 and its 200 day moving average is $7.31. The company has a debt-to-equity ratio of 3.81, a quick ratio of 2.42 and a current ratio of 3.17. European Wax Center has a fifty-two week low of $4.80 and a fifty-two week high of $16.07.

Insider Activity at European Wax Center

In related news, Director Nital P. Scott sold 4,344 shares of the stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $5.85, for a total transaction of $25,412.40. Following the sale, the director now owns 29,262 shares of the company’s stock, valued at approximately $171,182.70. This represents a 12.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.14% of the stock is owned by company insiders.

Institutional Investors Weigh In On European Wax Center

Hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its position in shares of European Wax Center by 25.7% in the second quarter. Victory Capital Management Inc. now owns 57,000 shares of the company’s stock valued at $566,000 after acquiring an additional 11,650 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in European Wax Center by 2.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,178,657 shares of the company’s stock valued at $31,564,000 after purchasing an additional 81,704 shares during the period. Canada Pension Plan Investment Board grew its position in shares of European Wax Center by 15.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 84,200 shares of the company’s stock valued at $836,000 after purchasing an additional 11,300 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of European Wax Center during the 2nd quarter valued at $3,274,000. Finally, Squarepoint Ops LLC increased its holdings in shares of European Wax Center by 194.3% in the second quarter. Squarepoint Ops LLC now owns 37,429 shares of the company’s stock worth $372,000 after purchasing an additional 24,712 shares during the period. 82.14% of the stock is currently owned by institutional investors.

About European Wax Center

European Wax Center, Inc operates as the franchisor and operator of out-of-home waxing services in the United States. It offers body and facial waxing services; and pre- and post-service products, including ingrown hair serums, exfoliating gels, brow shapers, and skin treatments. The company was founded in 2004 and is headquartered in Plano, Texas.