UBS Group Upgrades Mister Car Wash (NYSE:MCW) to Buy

UBS Group upgraded shares of Mister Car Wash (NYSE:MCW) from a neutral rating to a buy rating in a research note released on Friday morning, The Fly reports. UBS Group currently has $23.00 price objective on the stock.

Several other research analysts also recently weighed in on MCW. Bank of America upgraded Mister Car Wash from a neutral rating to a buy rating and set a $23.00 target price on the stock in a research note on Friday. The Goldman Sachs Group began coverage on Mister Car Wash in a research note on Tuesday, July 20th. They set a neutral rating and a $23.00 price target on the stock. Jefferies Financial Group began coverage on Mister Car Wash in a research note on Tuesday, July 20th. They set a buy rating and a $30.00 price target on the stock. Morgan Stanley dropped their price target on Mister Car Wash from $21.00 to $20.00 and set an equal weight rating on the stock in a research note on Tuesday, August 17th. Finally, Piper Sandler began coverage on Mister Car Wash in a research note on Tuesday, July 20th. They set a neutral rating and a $21.00 price target on the stock. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Buy and a consensus price target of $23.75.

Shares of MCW stock opened at $17.71 on Friday. Mister Car Wash has a 1-year low of $17.30 and a 1-year high of $24.49. The stock’s fifty day simple moving average is $19.83.

Mister Car Wash (NYSE:MCW) last announced its earnings results on Thursday, August 12th. The company reported $0.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.05. The business had revenue of $197.08 million for the quarter, compared to analysts’ expectations of $193.20 million. As a group, analysts predict that Mister Car Wash will post 0.41 earnings per share for the current year.

In related news, CEO John Lo-Minn Lai sold 573,388 shares of the company’s stock in a transaction dated Tuesday, August 24th. The stock was sold at an average price of $19.42, for a total value of $11,135,194.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Casey Penn Lindsay sold 61,320 shares of the company’s stock in a transaction dated Tuesday, August 24th. The stock was sold at an average price of $19.42, for a total value of $1,190,834.40. Following the completion of the transaction, the insider now directly owns 294,998 shares of the company’s stock, valued at approximately $5,728,861.16. The disclosure for this sale can be found here. In the last three months, insiders sold 11,251,285 shares of company stock valued at $218,499,955.

Several institutional investors have recently made changes to their positions in the business. Leonard Green & Partners L.P. acquired a new position in shares of Mister Car Wash during the second quarter valued at approximately $4,947,156,000. Sun Life Financial INC acquired a new position in shares of Mister Car Wash during the second quarter valued at approximately $209,186,000. Wasatch Advisors Inc. acquired a new position in shares of Mister Car Wash during the second quarter valued at approximately $118,292,000. FMR LLC acquired a new position in shares of Mister Car Wash during the second quarter valued at approximately $104,419,000. Finally, Wells Fargo & Company MN acquired a new position in shares of Mister Car Wash during the second quarter valued at approximately $76,493,000. 95.16% of the stock is owned by institutional investors and hedge funds.

Mister Car Wash Company Profile

Mister Car Wash, Inc provides conveyorized car wash services in the United States. It offers express exterior and interior cleaning services. The company also provides related automotive services, including quick lube services and gasoline sales. As of March 31, 2021, it operated 344 car wash locations in 21 states, which include 263 express exterior locations and 81 interior cleaning locations.

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Analyst Recommendations for Mister Car Wash (NYSE:MCW)

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