Shares of Olaplex Holdings, Inc. (OLPX) plummeted by 5.26% on November 11, 2024, amid concerns over the company's financial performance and future prospects. The stock's decline was likely driven by the following factors:
First, Olaplex reported weaker-than-expected third-quarter results, with revenue of $119.1 million, down 3.6% year-over-year and missing analysts' estimates by 5.9%. Additionally, the company's full-year revenue guidance fell short of analysts' expectations, and its EBITDA guidance for the full year was underwhelming.
Second, Barclays, a prominent Wall Street firm, lowered its price target for Olaplex from $2 to $1.50, while maintaining a Hold rating on the stock. This move by Barclays signals a more cautious outlook for the company and could have contributed to the sell-off in the stock.
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