Bank of New York Mellon Corp Sells 118,043 Shares of 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 reduced its position in ODDITY Tech Ltd. (NASDAQ:ODD - Free Report) by 95.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund 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 filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Sheets Smith Wealth Management lifted its position in shares of ODDITY Tech by 1.5% during the 1st quarter. Sheets Smith Wealth Management now owns 20,792 shares of the company's stock valued at $899,000 after acquiring an additional 315 shares during the period. Wells Fargo & Company MN lifted its position in shares of ODDITY Tech by 17.6% during the 4th quarter. Wells Fargo & Company MN now owns 2,999 shares of the company's stock valued at $126,000 after acquiring an additional 449 shares during the period. California State Teachers Retirement System lifted its position in shares of ODDITY Tech by 1.7% during the 4th quarter. California State Teachers Retirement System now owns 31,401 shares of the company's stock valued at $1,319,000 after acquiring an additional 511 shares during the period. American Century Companies Inc. raised its holdings in ODDITY Tech by 5.1% during the fourth quarter. American Century Companies Inc. now owns 12,334 shares of the company's stock worth $518,000 after buying an additional 593 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in ODDITY Tech by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 64,440 shares of the company's stock worth $2,708,000 after buying an additional 815 shares during the last quarter. 35.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ODD shares. KeyCorp upped their price objective on shares of ODDITY Tech from $65.00 to $90.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Bank of America increased their target price on shares of ODDITY Tech from $68.00 to $80.00 and gave the company a "buy" rating in a report on Friday, June 27th. Barclays increased their target price on shares of ODDITY Tech from $60.00 to $73.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. JMP Securities increased their target price on shares of ODDITY Tech from $72.00 to $80.00 and gave the company a "market outperform" rating in a report on Tuesday. Finally, JPMorgan Chase & Co. increased their target price on shares of ODDITY Tech from $63.00 to $85.00 and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, ODDITY Tech has an average rating of "Moderate Buy" and an average target price of $73.50.

ODDITY Tech Stock Performance

ODD opened at $57.72 on Wednesday. The firm has a market cap of $3.22 billion, a P/E ratio of 32.07, a PEG ratio of 3.45 and a beta of 3.27. The firm has a 50-day moving average of $72.25 and a 200 day moving average of $56.76. ODDITY Tech Ltd. has a fifty-two week low of $32.71 and a fifty-two week high of $79.18.

ODDITY Tech (NASDAQ:ODD - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The company had revenue of $241.14 million during the quarter, compared to analyst estimates of $237.44 million. ODDITY Tech had a net margin of 14.65% and a return on equity of 32.84%. The firm's revenue for the quarter was up 25.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.82 earnings per share. Equities research analysts predict 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.

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