Osisko Development (NYSE:OGG) Stock Bumped Down to Strong Sell by Wall Street Zen

Key Points

• Wall Street Zen downgraded Osisko Development from “hold” to “strong sell.” Despite that move, MarketBeat’s consensus rating remains “Moderate Buy,” with other analysts split among Strong Buy, Buy, and Hold ratings.
• The company reported a quarterly loss of $0.02 per share, missing analyst expectations of a $0.01 loss; revenue was $13.83 million.
• Shares opened at $2.27, close to their 52-week low of $2.18, and were below their 50-day and 200-day moving averages.

Osisko Development (NYSE:OGG - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "strong sell" rating in a report released on Saturday, Wall Street Zen reports.

A number of other research analysts have also recently issued reports on the company. Zacks Research cut Osisko Development from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 19th. Weiss Ratings raised Osisko Development from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, October 23rd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy".

Osisko Development Trading Up 0.4%

Shares of OGG opened at $2.27 on Friday. The firm has a market cap of $633.94 million and a price-to-earnings ratio of 7.09. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.53 and a current ratio of 3.58. Osisko Development has a fifty-two week low of $2.18 and a fifty-two week high of $3.25. The firm has a 50 day moving average price of $2.63 and a 200-day moving average price of $2.94.

Osisko Development (NYSE:OGG - Get Free Report) last announced its quarterly earnings data on Wednesday, November 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). Osisko Development had a net margin of 241.05% and a return on equity of 13.58%. The business had revenue of $13.83 million during the quarter. As a group, equities research analysts forecast that Osisko Development will post 0.18 earnings per share for the current year.

Hedge Funds Weigh In On Osisko Development

A number of hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company purchased a new stake in Osisko Development in the 2nd quarter worth approximately $2,518,000. Arbiter Partners Capital Management LLC bought a new stake in shares of Osisko Development in the 2nd quarter worth approximately $5,320,000. Principal Financial Group Inc. grew its position in shares of Osisko Development by 18.5% in the 1st quarter. Principal Financial Group Inc. now owns 7,403,436 shares of the company's stock worth $23,926,000 after buying an additional 1,154,800 shares during the last quarter. Royal Bank of Canada grew its position in shares of Osisko Development by 193,823.0% in the 1st quarter. Royal Bank of Canada now owns 2,356,164 shares of the company's stock worth $7,658,000 after buying an additional 2,354,949 shares during the last quarter. Finally, Alyeska Investment Group L.P. purchased a new position in shares of Osisko Development during the second quarter valued at approximately $7,175,000. Hedge funds and other institutional investors own 15.16% of the company's stock.

Osisko Development Company Profile

Osisko Development is a gold-focused mineral exploration and development company. It advances projects from exploration and resource evaluation toward potential mine development, with assets in Canada, the United States and Mexico. The company's flagship asset is the Cariboo Gold Project in central British Columbia, where it is working to develop a gold mine. Its other principal projects include the San Antonio Gold Project in Sonora, Mexico, and the Tintic Project in Utah, which provide additional opportunities for exploration and development.

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