Bank of New York Mellon Corp Decreases Holdings in ODDITY Tech Ltd. (NASDAQ:ODD)

Key Points

• Bank of New York Mellon Corp significantly reduced its stake in ODDITY Tech Ltd. by selling 118,043 shares, representing a 95.5% decrease, leaving them with only 5,572 shares valued at $241,000.
• Multiple analysts have upgraded their target prices for ODDITY Tech, with KeyCorp raising theirs to $90.00 and Bank of America to $80.00, reflecting increased optimism about the company's future performance.
• Recently, ODDITY Tech reported earnings of $0.92 per share, exceeding expectations and marking a year-over-year revenue increase of 25.1%.

Bank of New York Mellon Corp lowered its stake in shares of ODDITY Tech Ltd. (NASDAQ:ODD - Free Report) by 95.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,572 shares of the company's stock after selling 118,043 shares during the quarter. Bank of New York Mellon Corp's holdings in ODDITY Tech were worth $241,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC bought a new position in ODDITY Tech during the first quarter valued at about $400,000. Woodline Partners LP bought a new position in ODDITY Tech during the fourth quarter worth about $5,460,000. Penn Capital Management Company LLC bought a new position in ODDITY Tech during the fourth quarter worth about $8,690,000. Susquehanna Fundamental Investments LLC bought a new position in ODDITY Tech during the fourth quarter worth about $329,000. Finally, Wells Fargo & Company MN boosted its position in ODDITY Tech by 17.6% during the fourth quarter. Wells Fargo & Company MN now owns 2,999 shares of the company's stock worth $126,000 after purchasing an additional 449 shares during the period. Institutional investors own 35.88% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Truist Financial increased their target price on shares of ODDITY Tech from $65.00 to $78.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. The Goldman Sachs Group increased their price target on shares of ODDITY Tech from $47.00 to $52.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. JPMorgan Chase & Co. increased their price target on shares of ODDITY Tech from $63.00 to $85.00 and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. JMP Securities increased their price target on shares of ODDITY Tech from $72.00 to $80.00 and gave the stock a "market outperform" rating in a report on Tuesday. Finally, Barclays increased their price target on shares of ODDITY Tech from $60.00 to $73.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $74.88.

ODDITY Tech Price Performance

ODD stock traded up $0.48 during midday trading on Friday, reaching $58.22. The company had a trading volume of 1,596,098 shares, compared to its average volume of 1,366,669. The company has a debt-to-equity ratio of 1.66, a current ratio of 6.32 and a quick ratio of 1.29. ODDITY Tech Ltd. has a 1 year low of $32.71 and a 1 year high of $79.18. The company has a market capitalization of $3.25 billion, a P/E ratio of 32.34, a P/E/G ratio of 2.69 and a beta of 3.27. The firm has a 50-day moving average price of $71.37 and a 200-day moving average price of $56.95.

ODDITY Tech (NASDAQ:ODD - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.04. ODDITY Tech had a net margin of 14.65% and a return on equity of 32.17%. The business had revenue of $241.14 million during the quarter, compared to analysts' expectations of $237.44 million. During the same quarter in the previous year, the company earned $0.82 EPS. The business's quarterly revenue was up 25.1% compared to the same quarter last year. On average, research analysts anticipate that ODDITY Tech Ltd. will post 1.62 earnings per share for the current fiscal year.

ODDITY Tech Company Profile

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.