European Wax Center, Inc. (NASDAQ:EWCZ) Sees Significant Decline in Short Interest

European Wax Center, Inc. (NASDAQ:EWCZ) saw a large decrease in short interest in November. As of November 15th, there was short interest totalling 2,140,000 shares, a decrease of 5.7% from the October 31st total of 2,270,000 shares. Approximately 6.7% of the company’s shares are sold short. Based on an average daily volume of 646,400 shares, the short-interest ratio is presently 3.3 days.

European Wax Center Stock Down 3.0 %

EWCZ stock opened at $5.83 on Tuesday. European Wax Center has a twelve month low of $4.80 and a twelve month high of $16.07. The company has a quick ratio of 2.42, a current ratio of 3.17 and a debt-to-equity ratio of 3.81. The stock’s 50 day moving average is $6.87 and its 200-day moving average is $8.22. The firm has a market capitalization of $331.98 million, a PE ratio of 25.52, a P/E/G ratio of 2.30 and a beta of 1.11.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA lifted its holdings in shares of European Wax Center by 4.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,334,532 shares of the company’s stock valued at $22,675,000 after purchasing an additional 155,875 shares in the last quarter. FMR LLC lifted its holdings in shares of European Wax Center by 18.9% in the third quarter. FMR LLC now owns 2,697,742 shares of the company’s stock valued at $18,345,000 after purchasing an additional 428,280 shares in the last quarter. Southpoint Capital Advisors LP increased its position in shares of European Wax Center by 5.3% during the third quarter. Southpoint Capital Advisors LP now owns 2,000,000 shares of the company’s stock valued at $13,600,000 after acquiring an additional 100,000 shares during the last quarter. Vanguard Group Inc. increased its position in shares of European Wax Center by 1.6% during the first quarter. Vanguard Group Inc. now owns 1,889,324 shares of the company’s stock valued at $24,523,000 after acquiring an additional 29,918 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of European Wax Center by 3.9% during the third quarter. Geode Capital Management LLC now owns 820,728 shares of the company’s stock valued at $5,582,000 after acquiring an additional 30,804 shares during the last quarter. Institutional investors own 82.14% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on EWCZ shares. Truist Financial cut their target price on European Wax Center from $16.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Citigroup lowered European Wax Center from a “buy” rating to a “neutral” rating and cut their price target for the stock from $16.00 to $5.50 in a report on Thursday, August 15th. Robert W. Baird cut their price target on European Wax Center from $13.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Telsey Advisory Group reiterated an “outperform” rating and issued a $8.00 price target on shares of European Wax Center in a report on Thursday, November 14th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $5.00 price target on shares of European Wax Center in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $7.64.

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.