Coty (NYSE:COTY) Shares Up 8.9% – Here’s What Happened

Coty (NYSE:COTY) shot up 8.9% during trading on Wednesday . The stock traded as high as $2.99 and last traded at $2.9850. Approximately 797,357 shares traded hands during trading, a decline of 92% from the average daily volume of 9,626,727 shares. The stock had previously closed at $2.74.

Analyst Ratings Changes

COTY has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Coty in a research report on Friday, August 7th. Citigroup lifted their target price on shares of Coty from $2.50 to $2.80 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Royal Bank Of Canada reissued an “outperform” rating on shares of Coty in a report on Tuesday. TD Cowen raised their price objective on shares of Coty from $2.30 to $2.90 and gave the stock a “hold” rating in a research report on Thursday, May 7th. Finally, Morgan Stanley set a $2.50 price objective on Coty in a report on Thursday, May 7th. One analyst has rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $3.70.

Coty Price Performance

The company has a quick ratio of 0.49, a current ratio of 0.82 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of -4.81, a P/E/G ratio of 0.82 and a beta of 0.97. The business’s 50 day simple moving average is $2.41 and its 200-day simple moving average is $2.36.

Institutional Trading of Coty

A number of hedge funds have recently added to or reduced their stakes in the stock. Ground Swell Capital LLC bought a new stake in shares of Coty in the first quarter worth $27,000. North Dakota State Investment Board bought a new position in Coty during the 4th quarter worth $37,000. Cornerstone Wealth Management LLC acquired a new position in Coty during the 4th quarter worth about $37,000. Avantax Planning Partners Inc. acquired a new position in Coty during the 1st quarter worth about $37,000. Finally, Vise Technologies Inc. bought a new stake in shares of Coty in the 4th quarter valued at about $39,000. Institutional investors and hedge funds own 42.36% of the company’s stock.

About Coty

Coty Inc is a multinational beauty company specializing in the development, manufacturing and marketing of fragrances, color cosmetics and skin and body care products. Established in 1904 by François Coty in Paris, the company has grown through a blend of organic innovation and strategic acquisitions to become one of the leading players in the global beauty industry. Coty’s portfolio encompasses a broad range of consumer and luxury brands, reflecting its commitment to catering to diverse consumer preferences and market segments.

The company’s product offerings span three main divisions: Coty Luxury, Coty Consumer Beauty and Coty Professional Beauty.