Fintel reports that on August 11, 2023, Canaccord Genuity downgraded their outlook for Olaplex Holdings (NASDAQ:OLPX) from Buy to Hold.

Analyst Price Forecast Suggests 129.14% Upside

As of August 2, 2023, the average one-year price target for Olaplex Holdings is 5.96. The forecasts range from a low of 3.03 to a high of $15.75. The average price target represents an increase of 129.14% from its latest reported closing price of 2.60.

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The projected annual revenue for Olaplex Holdings is 748MM, an increase of 41.03%. The projected annual non-GAAP EPS is 0.41.

What is the Fund Sentiment?

There are 362 funds or institutions reporting positions in Olaplex Holdings. This is a decrease of 43 owner(s) or 10.62% in the last quarter. Average portfolio weight of all funds dedicated to OLPX is 0.11%, a decrease of 48.30%. Total shares owned by institutions decreased in the last three months by 0.12% to 617,393K shares. The put/call ratio of OLPX is 0.59, indicating a bullish outlook.

What are Other Shareholders Doing?

Advent International holds 499,469K shares representing 76.29% ownership of the company. No change in the last quarter.

Aqr Capital Management holds 5,079K shares representing 0.78% ownership of the company. In it’s prior filing, the firm reported owning 2,098K shares, representing an increase of 58.69%. The firm increased its portfolio allocation in OLPX by 85.40% over the last quarter.

Janus Henderson Group holds 4,419K shares representing 0.67% ownership of the company. In it’s prior filing, the firm reported owning 5,189K shares, representing a decrease of 17.42%. The firm decreased its portfolio allocation in OLPX by 78.66% over the last quarter.

Pacer Advisors holds 4,101K shares representing 0.63% ownership of the company. In it’s prior filing, the firm reported owning 3,502K shares, representing an increase of 14.60%. The firm decreased its portfolio allocation in OLPX by 3.87% over the last quarter.

FDGRX – Fidelity Growth Company Fund holds 3,816K shares representing 0.58% ownership of the company. In it’s prior filing, the firm reported owning 3,892K shares, representing a decrease of 2.01%. The firm decreased its portfolio allocation in OLPX by 44.01% over the last quarter.

Olaplex Holdings Background Information
(This description is provided by the company.)

OLAPLEX is an innovative, science-enabled, technology-driven beauty company with a mission to improve the hair health of its consumers. A revolutionary brand, OLAPLEX paved the way for a new category of hair care called “bond-building,” the process of protecting, strengthening and rebuilding broken bonds in the hair during and after hair services. The brand’s products have an active, patent-protected ingredient that works on a molecular level to protect and repair hair from damage. OLAPLEX’s award-winning products are sold through a global omni-channel platform serving the professional, specialty retail, and direct-to-consumer channels.

This article originally appeared on Fintel

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