Here’s Why Olaplex Holdings (OLPX) Fell in Q3

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -0.21% (net), compared to -0.65% for the Russell Midcap Growth Index. Strength in Consumer Discretionary, Energy, Financials, Industrials, Information Technology, and Materials sectors contributed to the performance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

TimesSquare Capital highlighted stocks like Olaplex Holdings, Inc. (NASDAQ:OLPX) in its Q3 2022 investor letter. Headquartered in Santa Barbara, California, Olaplex Holdings, Inc. (NASDAQ:OLPX) is a hair care products manufacturing company. On December 22, 2022, Olaplex Holdings, Inc. (NASDAQ:OLPX) stock closed at $4.9400 per share. One-month return of Olaplex Holdings, Inc. (NASDAQ:OLPX) was -8.69% and its shares lost 81.57% of their value over the last 52 weeks. Olaplex Holdings, Inc. (NASDAQ:OLPX) has a market capitalization of $3.207 billion.

TimesSquare Capital made the following comment about Olaplex Holdings, Inc. (NASDAQ:OLPX) in its Q3 2022 investor letter:

“Within Consumer Staples, Olaplex Holdings, Inc. (NASDAQ:OLPX) produces a line of patent-protected hair care products sold at professional hair salons, retailers, and directly to consumers. Despite second quarter revenues and earnings exceeding expectations, gross margins fell short and that caused a -32% tumble in the stock price. This stemmed from a mix shift that occurred when professional salons ordered ahead of price increases.”

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Olaplex Holdings, Inc. (NASDAQ:OLPX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Olaplex Holdings, Inc. (NASDAQ:OLPX) at the end of the third quarter, which was 18 in the previous quarter.

We discussed Olaplex Holdings, Inc. (NASDAQ:OLPX) in another article and shared the list of losers on October 19. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.