Boothbay Fund Management LLC Buys New Position in The ODP Corporation $ODP

Key Points

• Boothbay Fund Management LLC invested approximately $8.25 million by purchasing 575,553 shares of The ODP Corporation, representing about 1.91% ownership in the company.
• ODP's recent quarterly earnings showed $0.51 EPS, surpassing analyst expectations, but revenues declined by 7.6% year-over-year.
• Currently, ODP has an average analyst rating of "Hold" with a target price increase from $17.00 to $19.00, indicating mixed investor sentiment.

Boothbay Fund Management LLC bought a new stake in The ODP Corporation (NASDAQ:ODP - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 575,553 shares of the specialty retailer's stock, valued at approximately $8,248,000. Boothbay Fund Management LLC owned approximately 1.91% of ODP at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. AQR Capital Management LLC raised its position in ODP by 81.5% in the 1st quarter. AQR Capital Management LLC now owns 123,276 shares of the specialty retailer's stock valued at $1,767,000 after purchasing an additional 55,350 shares in the last quarter. Royal Bank of Canada raised its position in ODP by 56.0% in the 1st quarter. Royal Bank of Canada now owns 54,098 shares of the specialty retailer's stock valued at $775,000 after purchasing an additional 19,419 shares in the last quarter. Graham Capital Management L.P. acquired a new stake in ODP in the 1st quarter valued at about $1,195,000. Vident Advisory LLC boosted its position in shares of ODP by 44.4% during the 1st quarter. Vident Advisory LLC now owns 30,191 shares of the specialty retailer's stock worth $433,000 after acquiring an additional 9,276 shares in the last quarter. Finally, State of Wyoming boosted its position in shares of ODP by 232.5% during the 1st quarter. State of Wyoming now owns 5,859 shares of the specialty retailer's stock worth $84,000 after acquiring an additional 4,097 shares in the last quarter. 99.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ODP has been the subject of several analyst reports. UBS Group upped their price objective on ODP from $17.00 to $19.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Wall Street Zen cut ODP from a "buy" rating to a "hold" rating in a research report on Sunday, June 22nd. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $19.00.

ODP Price Performance

ODP stock traded down $0.88 during midday trading on Monday, reaching $21.33. The company's stock had a trading volume of 301,527 shares, compared to its average volume of 591,639. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.45 and a current ratio of 0.94. The ODP Corporation has a fifty-two week low of $11.85 and a fifty-two week high of $32.21. The stock's 50 day simple moving average is $19.30 and its 200 day simple moving average is $16.88. The firm has a market capitalization of $641.61 million, a PE ratio of 32.32, a P/E/G ratio of 0.55 and a beta of 1.39.

ODP (NASDAQ:ODP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The specialty retailer reported $0.51 EPS for the quarter, beating the consensus estimate of $0.33 by $0.18. The firm had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.59 billion. ODP had a net margin of 0.39% and a return on equity of 11.22%. The business's revenue for the quarter was down 7.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.56 earnings per share. On average, equities research analysts forecast that The ODP Corporation will post 3.26 earnings per share for the current year.

ODP Profile

The ODP Corporation provides business services and supplies, products, and digital workplace technology solutions for small, medium, and enterprise businesses in the United States, Puerto Rico, and the U.S. Virgin Islands. The company operates through four divisions: ODP Business Solutions, Office Depot, Veyer, and Varis.