Truist Financial Issues Positive Forecast for ODDITY Tech (NASDAQ:ODD) Stock Price

Key Points

• Truist Financial raised its price target for ODDITY Tech from $12 to $16 while maintaining a “hold” rating, implying 10.33% upside from the prior close.
• Analyst sentiment remains cautious: nine analysts rate the stock “hold” and four rate it “sell,” producing an average “reduce” rating and a consensus target price of $25.75.
• ODDITY reported quarterly revenue of $197.94 million, above expectations, but missed on earnings with a $0.17-per-share loss; revenue fell 26.2% year over year.

ODDITY Tech (NASDAQ:ODD - Get Free Report) had its price target increased by research analysts at Truist Financial from $12.00 to $16.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a "hold" rating on the stock. Truist Financial's price target suggests a potential upside of 10.33% from the stock's previous close.

ODD has been the topic of a number of other research reports. Zacks Research upgraded ODDITY Tech from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Morgan Stanley decreased their price objective on ODDITY Tech from $16.00 to $10.00 and set an "equal weight" rating for the company in a report on Wednesday, June 3rd. KeyCorp restated a "sector weight" rating on shares of ODDITY Tech in a report on Wednesday, June 3rd. Needham & Company LLC reaffirmed a "hold" rating on shares of ODDITY Tech in a research report on Tuesday, June 2nd. Finally, The Goldman Sachs Group cut shares of ODDITY Tech from a "hold" rating to a "sell" rating and lowered their price target for the company from $16.00 to $8.00 in a research report on Wednesday, June 3rd. Nine equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus target price of $25.75.

ODDITY Tech Trading Up 0.7%

ODD stock traded up $0.10 on Tuesday, reaching $14.50. The company's stock had a trading volume of 277,732 shares, compared to its average volume of 1,640,937. The firm has a market cap of $835.03 million, a PE ratio of 18.40 and a beta of 2.38. The business has a fifty day simple moving average of $14.98 and a two-hundred day simple moving average of $15.03. ODDITY Tech has a 12-month low of $9.25 and a 12-month high of $64.23. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.86 and a current ratio of 4.06.

ODDITY Tech (NASDAQ:ODD - Get Free Report) last issued its quarterly earnings data on Tuesday, June 2nd. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.13). ODDITY Tech had a return on equity of 15.38% and a net margin of 6.97%.The company had revenue of $197.94 million during the quarter, compared to the consensus estimate of $187.87 million. During the same quarter last year, the company posted $0.69 earnings per share. The firm's revenue for the quarter was down 26.2% compared to the same quarter last year. As a group, research analysts forecast that ODDITY Tech will post -0.55 EPS for the current year.

Insider Transactions at ODDITY Tech

In other news, CFO Mann Lindsay Drucker sold 109,602 shares of the company's stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $15.09, for a total value of $1,653,894.18. Following the transaction, the chief financial officer owned 77,709 shares in the company, valued at approximately $1,172,628.81. This represents a 58.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 163,928 shares of company stock valued at $2,464,018 over the last three months.

Hedge Funds Weigh In On ODDITY Tech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Morgan Stanley increased its holdings in shares of ODDITY Tech by 13.9% in the 4th quarter. Morgan Stanley now owns 4,305,565 shares of the company's stock worth $172,998,000 after purchasing an additional 525,481 shares in the last quarter. Janus Henderson Group PLC lifted its stake in ODDITY Tech by 115.0% during the 4th quarter. Janus Henderson Group PLC now owns 2,423,917 shares of the company's stock valued at $97,379,000 after acquiring an additional 1,296,551 shares during the period. Granahan Investment Management LLC boosted its holdings in shares of ODDITY Tech by 1.1% during the 4th quarter. Granahan Investment Management LLC now owns 1,523,204 shares of the company's stock valued at $61,202,000 after acquiring an additional 16,747 shares during the last quarter. Ashford Capital Management Inc. grew its stake in shares of ODDITY Tech by 25.0% in the fourth quarter. Ashford Capital Management Inc. now owns 685,972 shares of the company's stock worth $27,562,000 after acquiring an additional 137,380 shares during the period. Finally, California State Teachers Retirement System raised its holdings in shares of ODDITY Tech by 1,432.4% during the second quarter. California State Teachers Retirement System now owns 664,752 shares of the company's stock valued at $10,058,000 after purchasing an additional 621,371 shares during the last quarter. 35.88% of the stock is owned by institutional investors.

About ODDITY Tech

Oddity Tech Ltd. operates as a consumer tech company that builds digital-first brands for the beauty and wellness industries in the United States and internationally. It serves consumers worldwide through its AI-driven online platform, which uses data science, machine learning, and computer vision capabilities to identify consumer needs, and develop solutions in the form of beauty and wellness products. The company sells beauty, hair, and skin products under the IL MAKIAGE and SpoiledChild brands.

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