Mister Car Wash (NYSE:MCW) Reaches New 52-Week High – Here’s Why

Mister Car Wash, Inc. (NYSE:MCW) reached a new 52-week high during trading on Tuesday . The stock traded as high as $8.56 and last traded at $8.51, with a volume of 345956 shares changing hands. The stock had previously closed at $8.36.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Wells Fargo & Company cut their target price on shares of Mister Car Wash from $10.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, January 6th. UBS Group raised their price target on Mister Car Wash from $8.00 to $8.50 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Raymond James assumed coverage on Mister Car Wash in a research report on Thursday, March 13th. They issued an “outperform” rating and a $10.00 target price on the stock. Morgan Stanley upped their price target on shares of Mister Car Wash from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Finally, Stephens began coverage on shares of Mister Car Wash in a report on Tuesday, January 14th. They issued an “equal weight” rating and a $8.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $8.43.

Mister Car Wash Stock Down 0.2 %

The company has a market cap of $2.70 billion, a price-to-earnings ratio of 37.93, a price-to-earnings-growth ratio of 1.65 and a beta of 1.60. The stock has a 50-day simple moving average of $7.78 and a 200-day simple moving average of $7.36. The company has a current ratio of 0.53, a quick ratio of 0.24 and a debt-to-equity ratio of 0.92.

Insider Buying and Selling

In related news, CEO John Lo-Minn Lai sold 22,039 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $8.44, for a total transaction of $186,009.16. Following the transaction, the chief executive officer now owns 4,479,420 shares in the company, valued at $37,806,304.80. This trade represents a 0.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jedidiah Marc Gold sold 93,121 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $8.51, for a total value of $792,459.71. Following the sale, the chief financial officer now directly owns 55,437 shares in the company, valued at approximately $471,768.87. The trade was a 62.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 307,324 shares of company stock valued at $2,543,804 over the last 90 days. 70.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mister Car Wash

Hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. lifted its holdings in shares of Mister Car Wash by 19.5% in the third quarter. Victory Capital Management Inc. now owns 63,576 shares of the company’s stock valued at $414,000 after buying an additional 10,377 shares during the period. Intech Investment Management LLC acquired a new position in Mister Car Wash during the third quarter worth about $786,000. Dynamic Technology Lab Private Ltd raised its position in Mister Car Wash by 595.4% in the third quarter. Dynamic Technology Lab Private Ltd now owns 156,046 shares of the company’s stock worth $1,016,000 after acquiring an additional 133,605 shares in the last quarter. Brown Brothers Harriman & Co. lifted its holdings in Mister Car Wash by 41.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 2,511,330 shares of the company’s stock valued at $16,349,000 after acquiring an additional 731,366 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Mister Car Wash by 6,003.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,631,172 shares of the company’s stock valued at $23,639,000 after purchasing an additional 3,571,675 shares in the last quarter.

Mister Car Wash Company Profile

Mister Car Wash, Inc, together with its subsidiaries, provides conveyorized car wash services in the United States. It offers express exterior and interior cleaning services. The company serves individual retail and corporate customers. The company was formerly known as Hotshine Holdings, Inc and changed its name to Mister Car Wash, Inc in March 2021.