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

European Wax Center (NASDAQ:EWCZ) was downgraded by research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued to investors on Monday, Marketbeat reports. They currently have a $7.00 target price on the stock, down from their prior target price of $9.00. Piper Sandler’s price objective suggests a potential upside of 10.24% from the company’s current price.

A number of other equities analysts have also recently commented on EWCZ. Morgan Stanley reiterated an “underweight” rating and issued 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 lowered their target price for the company from $8.00 to $6.00 in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $6.64.

European Wax Center Stock Performance

Shares of NASDAQ EWCZ opened at $6.35 on Monday. The stock’s 50-day moving average is $6.39 and its 200 day moving average is $7.25. The stock has a market cap of $361.59 million, a price-to-earnings ratio of 27.61, a P/E/G ratio of 2.35 and a beta of 0.95. European Wax Center has a 1-year low of $4.80 and a 1-year high of $16.07. The company has a current ratio of 3.17, a quick ratio of 2.42 and a debt-to-equity ratio of 3.81.

Insider Activity

In related news, Director Nital P. Scott sold 4,344 shares of the stock in a transaction on 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 directly owns 29,262 shares of the company’s stock, valued at $171,182.70. This trade represents a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 6.14% of the company’s stock.

Hedge Funds Weigh In On European Wax Center

A number of institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC bought a new position in European Wax Center in the third quarter valued at about $93,000. Royce & Associates LP purchased a new stake in shares of European Wax Center during the 3rd quarter valued at about $108,000. Aigen Investment Management LP bought a new position in shares of European Wax Center in the 3rd quarter worth approximately $114,000. Dark Forest Capital Management LP purchased a new position in shares of European Wax Center in the second quarter worth approximately $127,000. Finally, Algert Global LLC bought a new stake in European Wax Center during the second quarter valued at approximately $135,000. 82.14% of the stock is currently owned by hedge funds and other institutional investors.

European Wax Center Company Profile

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.