MIG Capital LLC Decreases Stake in European Wax Center, Inc. (NASDAQ:EWCZ)

MIG Capital LLC lessened its holdings in European Wax Center, Inc. (NASDAQ:EWCZ - Free Report) by 26.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 2,088,456 shares of the company's stock after selling 758,781 shares during the period. European Wax Center accounts for approximately 1.7% of MIG Capital LLC's holdings, making the stock its 19th biggest position. MIG Capital LLC owned about 3.48% of European Wax Center worth $14,202,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Millennium Management LLC lifted its stake in European Wax Center by 44.0% in the second quarter. Millennium Management LLC now owns 538,972 shares of the company's stock worth $5,352,000 after purchasing an additional 164,688 shares during the last quarter. Algert Global LLC bought a new stake in shares of European Wax Center during the 2nd quarter worth approximately $135,000. Vanguard Group Inc. boosted its holdings in European Wax Center by 1.6% during the 1st 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 period. Marshall Wace LLP bought a new position in European Wax Center in the 2nd quarter valued at $3,274,000. Finally, Massachusetts Financial Services Co. MA increased its stake in 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 worth $22,675,000 after purchasing an additional 155,875 shares during the period. 82.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

European Wax Center Stock Performance

Shares of NASDAQ:EWCZ traded up $0.04 during midday trading on Thursday, reaching $5.93. The company's stock had a trading volume of 5,878,863 shares, compared to its average volume of 710,519. 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 has a fifty day moving average of $6.92 and a 200 day moving average of $8.31. European Wax Center, Inc. has a twelve month low of $4.80 and a twelve month high of $16.07. The firm has a market capitalization of $337.65 million, a PE ratio of 25.78, a P/E/G ratio of 2.42 and a beta of 1.11.

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.