Morgan Stanley Cuts Mister Car Wash (NYSE:MCW) Price Target to $8.00

Mister Car Wash (NYSE:MCW) had its price target lowered by Morgan Stanley from $9.00 to $8.00 in a research report report published on Tuesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

MCW has been the subject of several other research reports. Wells Fargo & Company lowered their price target on shares of Mister Car Wash from $10.00 to $9.00 and set an “overweight” rating for the company in a report on Monday, January 6th. Stephens assumed coverage on Mister Car Wash in a report on Tuesday, January 14th. They issued an “equal weight” rating and a $8.00 target price on the stock. Finally, UBS Group raised their price target on Mister Car Wash from $7.50 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $8.81.

Mister Car Wash Stock Performance

Shares of MCW stock opened at $7.35 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.24 and a current ratio of 0.27. The firm has a market cap of $2.37 billion, a P/E ratio of 31.96, a P/E/G ratio of 1.60 and a beta of 1.61. The firm’s 50 day moving average price is $7.46 and its 200-day moving average price is $7.06. Mister Car Wash has a one year low of $5.84 and a one year high of $9.45.

Mister Car Wash (NYSE:MCW) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.09 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $249.15 million. During the same period in the prior year, the firm earned $0.06 earnings per share. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, equities research analysts predict that Mister Car Wash will post 0.29 EPS for the current year.

Insider Activity

In other news, insider Joseph Duane Matheny sold 23,697 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $7.97, for a total transaction of $188,865.09. Following the completion of the sale, the insider now directly owns 81,206 shares of the company’s stock, valued at $647,211.82. The trade was a 22.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Jedidiah Marc Gold sold 66,122 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $8.51, for a total value of $562,698.22. Following the sale, the chief financial officer now owns 44,854 shares of the company’s stock, valued at $381,707.54. This represents a 59.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 613,896 shares of company stock valued at $4,957,139 in the last 90 days. 70.00% of the stock is currently 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 the company. AQR Capital Management LLC lifted its position in shares of Mister Car Wash by 763.2% in the 2nd quarter. AQR Capital Management LLC now owns 4,117,900 shares of the company’s stock worth $29,155,000 after buying an additional 3,640,862 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Mister Car Wash by 6,003.1% during the third quarter. The Manufacturers Life Insurance Company now owns 3,631,172 shares of the company’s stock worth $23,639,000 after acquiring an additional 3,571,675 shares during the period. State Street Corp lifted its holdings in Mister Car Wash by 1.9% in the third quarter. State Street Corp now owns 3,375,939 shares of the company’s stock worth $21,977,000 after acquiring an additional 63,631 shares during the last quarter. Brown Brothers Harriman & Co. boosted its stake in Mister Car Wash by 41.1% in the third quarter. Brown Brothers Harriman & Co. now owns 2,511,330 shares of the company’s stock valued at $16,349,000 after acquiring an additional 731,366 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Mister Car Wash by 1.8% during the third quarter. Geode Capital Management LLC now owns 2,115,526 shares of the company’s stock valued at $13,775,000 after purchasing an additional 38,365 shares during the last quarter.

Mister Car Wash Company Profile

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.