Olaplex sheds half its value after slashing results forecasts

Olaplex Holdings

19/10/2022 15:44

** Shares of hair products maker Olaplex Holdings  OLPX.O 
sink as much as 50.9% to a record low of $4.81     
    ** Co cuts FY sales and profit forecast, citing a slowdown
in demand, increased discounts and a moderation in customer
acquisition amid inflation
    ** At least 10 brokerages cut their price targets on stock
to as low as $5 following co's warning  
    ** OLPX last down 49.7% and is on pace for its biggest
one-day pct drop since going public in Sept last year
    ** Stock now down over 83% this year, and 77% from its IPO
price of $21    
 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))