Mister Car Wash (NYSE:MCW) Trading 7.4% Higher – Here’s Why

Shares of Mister Car Wash, Inc. (NYSE:MCW) were up 7.4% during trading on Friday . The company traded as high as $8.37 and last traded at $8.40. Approximately 1,409,446 shares were traded during mid-day trading, an increase of 14% from the average daily volume of 1,236,983 shares. The stock had previously closed at $7.82.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MCW shares. UBS Group raised their price target on Mister Car Wash from $8.00 to $8.50 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Stephens assumed coverage on Mister Car Wash in a report on Tuesday, January 14th. They issued an “equal weight” rating and a $8.00 price objective for the company. Morgan Stanley increased their price objective on Mister Car Wash from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Finally, Wells Fargo & Company decreased their price objective on Mister Car Wash from $10.00 to $9.00 and set an “overweight” rating for the company in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $8.57.

Mister Car Wash Price Performance

The company has a quick ratio of 0.24, a current ratio of 0.53 and a debt-to-equity ratio of 0.92. The firm has a fifty day moving average price of $7.50 and a two-hundred day moving average price of $7.19. The stock has a market capitalization of $2.75 billion, a P/E ratio of 38.59, a P/E/G ratio of 1.65 and a beta of 1.63.

Insider Activity

In other news, insider Joseph Duane Matheny sold 74,304 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $8.05, for a total transaction of $598,147.20. Following the completion of the transaction, the insider now directly owns 81,206 shares in the company, valued at $653,708.30. This trade represents a 47.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 111,456 shares of company stock worth $897,579 over the last three months. 70.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mister Car Wash

Several institutional investors and hedge funds have recently modified their holdings of MCW. Quantinno Capital Management LP bought a new position in shares of Mister Car Wash during the fourth quarter valued at $77,000. Quarry LP purchased a new stake in shares of Mister Car Wash during the fourth quarter valued at $79,000. Forum Financial Management LP purchased a new stake in shares of Mister Car Wash during the fourth quarter valued at $81,000. BNP Paribas Financial Markets purchased a new stake in shares of Mister Car Wash during the fourth quarter valued at $96,000. Finally, Blue Trust Inc. boosted its position in shares of Mister Car Wash by 59.4% during the fourth quarter. Blue Trust Inc. now owns 13,510 shares of the company’s stock valued at $98,000 after buying an additional 5,032 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.