Bank of America Corp DE Sells 121,516 Shares of ODDITY Tech Ltd. $ODD

Key Points

• Bank of America cut its ODDITY Tech stake by 33.3% in the first quarter, selling 121,516 shares and retaining 243,687 shares valued at approximately $3.26 million. Institutional investors collectively own 35.88% of the company.
• ODDITY Tech reported a quarterly loss of $0.17 per share, missing the $0.04 loss expected by analysts, while revenue of $197.94 million exceeded estimates but fell 26.2% year over year.
• Analyst sentiment is cautious: the stock carries a consensus “Reduce” rating, with nine Holds and four Sells. Several firms recently lowered their price targets, while shares opened at $14.35 versus a 12-month range of $9.25 to $64.23.

Bank of America Corp DE reduced its holdings in shares of ODDITY Tech Ltd. (NASDAQ:ODD - Free Report) by 33.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 243,687 shares of the company's stock after selling 121,516 shares during the period. Bank of America Corp DE owned 0.42% of ODDITY Tech worth $3,261,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of ODD. Wexford Capital LP bought a new position in shares of ODDITY Tech during the third quarter valued at approximately $40,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in ODDITY Tech by 134.8% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,134 shares of the company's stock valued at $69,000 after buying an additional 651 shares in the last quarter. Legal & General Group Plc bought a new position in ODDITY Tech during the 2nd quarter valued at approximately $71,000. SG Americas Securities LLC bought a new position in ODDITY Tech during the 1st quarter valued at approximately $104,000. Finally, Headlands Technologies LLC purchased a new position in ODDITY Tech during the second quarter valued at $108,000. 35.88% of the stock is owned by hedge funds and other institutional investors.

ODDITY Tech Stock Performance

Shares of NASDAQ ODD opened at $14.35 on Monday. The firm has a 50 day moving average of $14.93 and a 200 day moving average of $15.14. The company has a current ratio of 4.06, a quick ratio of 2.86 and a debt-to-equity ratio of 1.96. The firm has a market capitalization of $826.27 million, a price-to-earnings ratio of 18.16 and a beta of 2.38. ODDITY Tech Ltd. has a 12-month low of $9.25 and a 12-month high of $64.23.

ODDITY Tech (NASDAQ:ODD - Get Free Report) last announced its earnings results on Tuesday, June 2nd. The company reported ($0.17) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.13). The business had revenue of $197.94 million for the quarter, compared to analysts' expectations of $187.87 million. ODDITY Tech had a net margin of 6.97% and a return on equity of 15.38%. The firm's quarterly revenue was down 26.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.69 earnings per share. On average, research analysts anticipate that ODDITY Tech Ltd. will post -0.55 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ODD shares. Jefferies Financial Group restated a "hold" rating and set a $10.25 price target on shares of ODDITY Tech in a report on Tuesday, June 2nd. The Goldman Sachs Group cut shares of ODDITY Tech from a "hold" rating to a "sell" rating and dropped their price target for the stock from $16.00 to $8.00 in a research note on Wednesday, June 3rd. Truist Financial cut their price objective on shares of ODDITY Tech from $18.00 to $12.00 and set a "hold" rating on the stock in a research report on Wednesday, June 3rd. KeyCorp restated a "sector weight" rating on shares of ODDITY Tech in a research note on Wednesday, June 3rd. Finally, Morgan Stanley decreased their target price on shares of ODDITY Tech from $16.00 to $10.00 and set an "equal weight" rating for the company in a report on Wednesday, June 3rd. Nine research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus price target of $25.39.

Insider Activity at ODDITY Tech

In related news, CFO Mann Lindsay Drucker sold 3,493 shares of the firm's stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $15.01, for a total value of $52,429.93. Following the transaction, the chief financial officer directly owned 104,492 shares of the company's stock, valued at approximately $1,568,424.92. This trade represents a 3.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 124,568 shares of company stock valued at $1,879,566.

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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