European Wax Center, Inc. (NASDAQ:EWCZ) Sees Large Drop in Short Interest

European Wax Center, Inc. (NASDAQ:EWCZ) was the target of a significant decline in short interest in the month of August. As of August 15th, there was short interest totalling 2,880,000 shares, a decline of 37.7% from the July 31st total of 4,620,000 shares. Based on an average daily trading volume, of 955,700 shares, the short-interest ratio is currently 3.0 days. Approximately 9.3% of the shares of the company are short sold.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of EWCZ. Champlain Investment Partners LLC raised its stake in European Wax Center by 13.1% during the 1st quarter. Champlain Investment Partners LLC now owns 3,745,511 shares of the company’s stock valued at $48,617,000 after purchasing an additional 435,270 shares during the period. Bamco Inc. NY grew its holdings in shares of European Wax Center by 8.8% during the 1st quarter. Bamco Inc. NY now owns 3,265,000 shares of the company’s stock valued at $42,380,000 after acquiring an additional 265,000 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in European Wax Center by 2.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,178,657 shares of the company’s stock worth $31,564,000 after purchasing an additional 81,704 shares in the last quarter. Wellington Management Group LLP boosted its holdings in European Wax Center by 3.5% in the fourth quarter. Wellington Management Group LLP now owns 2,279,389 shares of the company’s stock worth $30,977,000 after purchasing an additional 77,334 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in European Wax Center by 1.6% in the first quarter. Vanguard Group Inc. now owns 1,889,324 shares of the company’s stock worth $24,523,000 after purchasing an additional 29,918 shares in the last quarter. Institutional investors own 82.14% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Citigroup downgraded European Wax Center from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $16.00 to $5.50 in a research report on Thursday, August 15th. Truist Financial reduced their price objective on European Wax Center from $16.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, August 15th. Telsey Advisory Group reiterated an “outperform” rating and set a $16.00 price objective on shares of European Wax Center in a research report on Wednesday, August 14th. Morgan Stanley cut their target price on European Wax Center from $14.00 to $5.00 and set an “equal weight” rating for the company in a research report on Thursday, August 15th. Finally, Robert W. Baird cut their target price on European Wax Center from $13.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $8.79.

European Wax Center Price Performance

Shares of NASDAQ EWCZ traded up $0.05 during trading on Thursday, hitting $6.79. The company had a trading volume of 20,774 shares, compared to its average volume of 701,414. The company has a market cap of $413.04 million, a P/E ratio of 26.96, a PEG ratio of 1.74 and a beta of 1.17. European Wax Center has a 52 week low of $4.80 and a 52 week high of $18.28. The business’s 50-day moving average is $8.53 and its 200 day moving average is $11.04. The company has a debt-to-equity ratio of 3.10, a quick ratio of 2.31 and a current ratio of 2.95.

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.