Wells Fargo & Company Cuts Mister Car Wash (NYSE:MCW) Price Target to $9.00

Mister Car Wash (NYSE:MCW) had its target price trimmed by Wells Fargo & Company from $10.00 to $9.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Separately, UBS Group lifted their price target on Mister Car Wash from $7.50 to $8.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.08.

Mister Car Wash Price Performance

NYSE MCW opened at $7.04 on Monday. The company has a quick ratio of 0.24, a current ratio of 0.27 and a debt-to-equity ratio of 0.96. The company has a market cap of $2.27 billion, a PE ratio of 30.61, a price-to-earnings-growth ratio of 1.95 and a beta of 1.61. Mister Car Wash has a 52 week low of $5.84 and a 52 week high of $9.45. The firm’s 50-day simple moving average is $7.68 and its two-hundred day simple moving average is $7.04.

Mister Car Wash (NYSE:MCW) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. Mister Car Wash had a net margin of 7.54% and a return on equity of 9.92%. The company had revenue of $249.33 million for the quarter, compared to analysts’ expectations of $249.15 million. During the same period in the prior year, the company posted $0.06 EPS. Mister Car Wash’s revenue was up 6.5% compared to the same quarter last year. Research analysts predict that Mister Car Wash will post 0.29 earnings per share for the current year.

Insider Activity

In other news, CFO Jedidiah Marc Gold sold 66,122 shares of Mister Car Wash stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $8.51, for a total transaction of $562,698.22. Following the completion of the sale, the chief financial officer now owns 44,854 shares in the company, valued at approximately $381,707.54. This trade represents a 59.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Joseph Duane Matheny sold 14,600 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $7.97, for a total value of $116,362.00. Following the transaction, the insider now directly owns 81,206 shares of the company’s stock, valued at $647,211.82. The trade was a 15.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 613,896 shares of company stock worth $4,957,139 in the last three months. Corporate insiders own 70.00% of the company’s stock.

Institutional Trading of Mister Car Wash

Several institutional investors and hedge funds have recently made changes to their positions in MCW. Bank of New York Mellon Corp raised its position in Mister Car Wash by 23.6% during the second quarter. Bank of New York Mellon Corp now owns 762,363 shares of the company’s stock valued at $5,428,000 after purchasing an additional 145,374 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Mister Car Wash by 19.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,673 shares of the company’s stock valued at $190,000 after buying an additional 4,268 shares in the last quarter. CIBC Asset Management Inc bought a new stake in Mister Car Wash in the 2nd quarter worth approximately $91,000. Rhumbline Advisers boosted its stake in Mister Car Wash by 22.7% in the second quarter. Rhumbline Advisers now owns 255,813 shares of the company’s stock worth $1,821,000 after buying an additional 47,271 shares in the last quarter. Finally, Savant Capital LLC grew its position in Mister Car Wash by 193.1% during the second quarter. Savant Capital LLC now owns 150,055 shares of the company’s stock valued at $1,068,000 after acquiring an additional 98,862 shares during 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.