The President and CEO of weight management services provider WW International, Inc. (WW), Mindy Grossman, will step down after the first quarter of 2022. Shares of the company jumped 2.1% on Monday to close at $18.63.
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The New York-based company offers weight loss and maintenance, fitness, and mindset services through its website, mobile application and personal meetings.
Grossman has been WW’s CEO since 2017. She will work with the company’s Board of Directors to select her successor. (See WW stock chart on TipRanks)
The Chairman of the Board of Directors at WW, Raymond Debbane, said, “The Board will take seriously its responsibility to appoint a new leader who will further the company’s leadership in the industry, compete in a digital marketplace and drive consistent, sustainable growth over the long term.”
Two months ago, Craig-Hallum analyst Alex Fuhrman reiterated a Buy rating on the stock but lowered the price target to $40 from $50 (114.7% upside potential).
Following the announcement of the company’s second-quarter financial results, the analyst said, “WW reported weaker than expected Q2 results, as digital subscriber growth is starting to slow down as the company begins to lap very strong growth in 2020.”
Overall, the stock has a Moderate Buy consensus rating based on 2 Buys and 4 Holds. The average WW International price target of $30.50 implies 63.7% upside potential. Shares have lost 42.4% over the past six months.
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