5 Best Hair Care Stocks To Buy Now

3. Ulta Beauty, Inc. (NASDAQ:ULTA)

Number of Hedge Fund Holders: 46

Ulta Beauty, Inc. (NASDAQ:ULTA) ranks 3rd on the 10 best hair care stocks to buy. The Illinois-based American beauty company operates over 1,100 beauty stores in over 50 states. The company was founded in 1990 and offers hair care products through notable brands Tresemme, Redken, and Kenra Professional.

To grow Ulta Beauty, Inc.’s (NASDAQ:ULTA) e-commerce, the company purchased online booking tool Spruce and AI startups QM Scientific and GlamSt to fulfill its two-day delivery orders. During the height of the pandemic in 2020, ULTA’s e-commerce sales jumped by 200%. Shares of Ulta Beauty, Inc. (NASDAQ:ULTA) jumped 71% over the last twelve months.

On July 14th, Raymond James analyst Olivia Tong upgraded Ulta Beauty, Inc. (NASDAQ:ULTA) to an Outperform rating with a $395 per share price target. The analyst commented that the beauty category is set to recover post-COVID 19 with users replenishing their collection.

The company has a market cap of $18.98 billion. In the first quarter of 2021, Ulta Beauty, Inc. (NASDAQ:ULTA) reported an EPS of $4.10, beating estimates of $1.93. The company’s revenue in the first quarter was $1.94 billion, beating consensus estimates of $1.64 billion. Ulta Beauty, Inc. (NASDAQ:ULTA) has gained 20% year to date.

There were 46 hedge funds that reported owning stakes in Ulta Beauty, Inc. (NASDAQ:ULTA) at the end of the first quarter. The total value of these stakes at the end of Q1 is $1.43 billion.