Mister Car Wash (NYSE:MCW) Shares Gap Up Following Analyst Upgrade

Mister Car Wash, Inc. (NYSE:MCW – Get Free Report) experienced a notable increase in their share price before the market opened on Thursday. This uptick followed an upgrade from Morgan Stanley, which raised their price target for the stock from $8.00 to $9.00. Previously, the stock had closed at $7.60 but opened at $8.35, reflecting positive investor sentiment. As of the latest trading session, shares of Mister Car Wash were last noted at $7.95, with a trading volume of 662,766 shares.

In addition to Morgan Stanley's upgrade, other analysts have recently provided their insights on MCW. For instance, Wells Fargo & Company reduced their price target for Mister Car Wash from $10.00 to $9.00 and assigned an “overweight” rating in a report released earlier this month. Meanwhile, Stephens initiated coverage on the stock with an “equal weight” rating and a target price of $8.00. Additionally, UBS Group raised their target price for the company to $8.50 while maintaining a “neutral” rating. Currently, the stock has mixed ratings from analysts: one has issued a sell rating, three maintain hold ratings, and three have given buy ratings. According to MarketBeat.com, the average rating stands at “Hold” with an average target price of $8.57.

Insider Activity

In related news, insider Joseph Duane Matheny made headlines by selling 74,304 shares of Mister Car Wash on January 28th at an average price of $8.05, amounting to a total transaction value of $598,147.20. Following this transaction, Matheny’s direct ownership in the company now totals 81,206 shares, valued at approximately $653,708. This sale indicates a 47.78% decrease in his position. Such insider transactions were disclosed in filings to the Securities & Exchange Commission. It is worth noting that insiders collectively hold 70.00% of the company's stock.

Institutional Investors Weigh In On Mister Car Wash

Several hedge funds and institutional investors have recently adjusted their holdings in Mister Car Wash. For example, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted their stake by 4.6% during the fourth quarter, acquiring a total of 53,791 shares, valued at $392,000. Similarly, Swiss National Bank increased its holdings by 1.4%, now owning 189,800 shares worth about $1,384,000 after purchasing an additional 2,600 shares. Other institutional investors like Bank of Montreal Can also increased their investments by 22.6% and MetLife Investment Management LLC raised their position by 5.9% during the fourth quarter, indicating growing institutional confidence in Mister Car Wash.

Mister Car Wash Trading Down 1.6 %

Despite the recent upgrades and analyst attention, Mister Car Wash shares have been trading down approximately 1.6%. The company has reported a debt-to-equity ratio of 0.96, with a quick ratio of 0.24 and a current ratio of 0.27. Mister Car Wash has a market capitalization of $2.41 billion, a P/E ratio of 32.52, and a price-to-earnings-growth ratio of 1.70. Its stock has been fluctuating around a 50-day moving average of $7.45 and a 200-day moving average of $7.14, illustrating the stock's recent volatility.

About Mister Car Wash

Mister Car Wash, Inc, along with its subsidiaries, is a leading provider of conveyorized car wash services throughout the United States, offering express exterior and interior cleaning services suitable for both retail and corporate customers. Originally known as Hotshine Holdings, Inc., the company changed its name to its current title in March 2021.

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