ODDITY Tech Ltd. $ODD Shares Acquired by State Street Corp

Key Points

• State Street more than doubled its ODDITY Tech position in the second quarter, acquiring 462,137 additional shares and bringing its holdings to 836,446 shares, or 1.45% of the company. Institutional investors and hedge funds collectively own 35.88% of ODDITY.
• Analyst sentiment remains cautious: ten analysts rate the stock “Hold” and four rate it “Sell,” resulting in a consensus “Reduce” rating and a $22.15 price target. Jefferies and Morgan Stanley recently raised their targets to $18.00 and $16.50, respectively.
• ODDITY beat quarterly earnings expectations with adjusted EPS of $0.20 versus the $0.12 consensus and revenue of $180.52 million, but revenue fell 24.9% year over year. The stock opened at $18.64, while insiders sold 172,454 shares worth about $2.59 million during the last quarter.

State Street Corp raised its position in ODDITY Tech Ltd. (NASDAQ:ODD - Free Report) by 123.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 836,446 shares of the company's stock after purchasing an additional 462,137 shares during the quarter. State Street Corp owned 1.45% of ODDITY Tech worth $12,655,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ODD. K5 Global Advisor LLC acquired a new position in shares of ODDITY Tech during the second quarter worth $375,000. Sigma Planning Corp increased its stake in shares of ODDITY Tech by 37.7% in the second quarter. Sigma Planning Corp now owns 14,510 shares of the company's stock valued at $220,000 after buying an additional 3,975 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of ODDITY Tech in the second quarter valued at about $300,000. Avidity Partners Management LP bought a new position in shares of ODDITY Tech during the first quarter worth about $937,000. Finally, Segall Bryant & Hamill LLC bought a new position in shares of ODDITY Tech during the first quarter worth about $488,000. 35.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on ODD. Bank of America reiterated an "underperform" rating on shares of ODDITY Tech in a report on Thursday, September 10th. Jefferies Financial Group boosted their price target on shares of ODDITY Tech from $16.00 to $18.00 and gave the stock a "hold" rating in a research report on Wednesday, September 9th. KeyCorp reiterated a "sector weight" rating on shares of ODDITY Tech in a research report on Wednesday, June 3rd. Citigroup reissued a "market perform" rating on shares of ODDITY Tech in a research note on Thursday, September 10th. Finally, Morgan Stanley boosted their target price on shares of ODDITY Tech from $10.00 to $16.50 and gave the company an "equal weight" rating in a report on Thursday, September 10th. Ten equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $22.15.

Insider Buying and Selling at ODDITY Tech

In related news, CFO Mann Drucker sold 7,717 shares of the firm's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $15.09, for a total value of $116,449.53. Following the transaction, the chief financial officer owned 116,135 shares of the company's stock, valued at approximately $1,752,477.15. This trade represents a 6.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 172,454 shares of company stock valued at $2,592,610.

ODDITY Tech Stock Up 3.2%

ODDITY Tech stock opened at $18.64 on Friday. The company has a market capitalization of $1.07 billion, a PE ratio of 77.67 and a beta of 2.38. ODDITY Tech Ltd. has a 12-month low of $9.25 and a 12-month high of $63.24. The firm's fifty day moving average is $15.24 and its 200 day moving average is $14.36. The company has a quick ratio of 2.11, a current ratio of 3.45 and a debt-to-equity ratio of 2.21.

ODDITY Tech (NASDAQ:ODD - Get Free Report) last posted its quarterly earnings results on Wednesday, September 9th. The company reported $0.20 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.08. ODDITY Tech had a net margin of 2.23% and a return on equity of 2.58%. The business had revenue of $180.52 million during the quarter, compared to analysts' expectations of $178.23 million. The business's quarterly revenue was down 24.9% on a year-over-year basis. During the same period last year, the company posted $0.92 earnings per share. As a group, sell-side analysts predict that ODDITY Tech Ltd. will post -0.25 EPS for the current fiscal year.

ODDITY Tech Profile

ODDITY Tech Ltd. is a technology and consumer products company focused on beauty and wellness. The company combines data science, artificial intelligence and digital commerce to develop, market and sell products directly to consumers, with an emphasis on personalized shopping experiences and digitally native brands.

ODDITY's portfolio includes IL MAKIAGE, a digitally focused makeup brand known for personalized product recommendations, and SpoiledChild, a beauty and hair-care brand. Its offerings include cosmetics, skin-care, hair-care and related beauty products sold primarily through online channels.

Founded in 2018 by Oran Holtzman and Lihi Pinto Fryman, ODDITY is headquartered in New York and operates technology and research capabilities in Tel Aviv.

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