Mister Car Wash (NYSE:MCW) Given New $8.00 Price Target at Piper Sandler

Mister Car Wash (NYSE:MCW) had its price target trimmed by Piper Sandler from $11.00 to $8.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research analysts have also commented on MCW. Stephens cut their price objective on shares of Mister Car Wash from $9.00 to $8.50 and set an “equal weight” rating for the company in a research report on Thursday, April 24th. Wells Fargo & Company dropped their price target on shares of Mister Car Wash from $9.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, July 18th. The Goldman Sachs Group initiated coverage on shares of Mister Car Wash in a research report on Tuesday, June 3rd. They issued a “sell” rating and a $6.25 price target for the company. UBS Group dropped their price target on shares of Mister Car Wash from $8.25 to $7.25 and set a “neutral” rating for the company in a research report on Thursday. Finally, BTIG Research initiated coverage on shares of Mister Car Wash in a research report on Monday, June 30th. They issued a “neutral” rating for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Mister Car Wash has a consensus rating of “Hold” and a consensus target price of $7.88.

Mister Car Wash Stock Down 5.9%

Shares of MCW opened at $5.78 on Thursday. The company has a 50-day simple moving average of $6.48 and a 200-day simple moving average of $7.22. The firm has a market capitalization of $1.88 billion, a P/E ratio of 26.27, a P/E/G ratio of 1.65 and a beta of 1.49. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.24 and a current ratio of 0.53. Mister Car Wash has a 52 week low of $5.27 and a 52 week high of $8.60.

Mister Car Wash (NYSE:MCW) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.02). The company had revenue of $265.42 million for the quarter, compared to analyst estimates of $271.83 million. Mister Car Wash had a net margin of 7.06% and a return on equity of 10.49%. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.11 EPS. On average, equities research analysts expect that Mister Car Wash will post 0.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO John Lo-Minn Lai sold 41,997 shares of the firm’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $6.69, for a total transaction of $280,959.93. Following the completion of the sale, the chief executive officer directly owned 4,532,254 shares of the company’s stock, valued at $30,320,779.26. This trade represents a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Joseph Duane Matheny sold 102,456 shares of Mister Car Wash stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $6.30, for a total value of $645,472.80. Following the completion of the transaction, the insider owned 88,196 shares of the company’s stock, valued at approximately $555,634.80. The trade was a 53.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 266,355 shares of company stock worth $1,733,596 over the last ninety days. 69.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Mister Car Wash

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MCW. CWM LLC grew its stake in shares of Mister Car Wash by 10.1% during the first quarter. CWM LLC now owns 18,976 shares of the company’s stock valued at $150,000 after purchasing an additional 1,748 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Mister Car Wash by 4.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,791 shares of the company’s stock valued at $392,000 after purchasing an additional 2,364 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Mister Car Wash by 87.4% in the second quarter. GAMMA Investing LLC now owns 5,645 shares of the company’s stock valued at $34,000 after purchasing an additional 2,632 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of Mister Car Wash by 22.6% in the fourth quarter. Bank of Montreal Can now owns 14,380 shares of the company’s stock valued at $105,000 after purchasing an additional 2,649 shares in the last quarter. Finally, MetLife Investment Management LLC increased its holdings in shares of Mister Car Wash by 5.9% in the fourth quarter. MetLife Investment Management LLC now owns 58,298 shares of the company’s stock valued at $425,000 after purchasing an additional 3,255 shares in the last quarter.

About Mister Car Wash

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.