Sprott Inc. Decreases Position in Osisko Development Corp. $ODV

Key Points

• Sprott Inc. significantly reduced its stake in Osisko Development Corp. by 51.9% in the first quarter, leaving it with approximately 705,829 shares valued at $1,052,000.
• A number of institutional investors, including Vestcor Inc. and Anson Funds Management, have recently made new investments in Osisko Development, contributing to their total institutional ownership of 15.16%.
• Osisko Development's stock was recently upgraded by several analysts, with an average rating of "Strong Buy", indicating positive outlook and potential growth for the company.

Sprott Inc. reduced its stake in Osisko Development Corp. (NYSE:ODV - Free Report) by 51.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 705,829 shares of the company's stock after selling 760,639 shares during the quarter. Sprott Inc. owned about 0.52% of Osisko Development worth $1,052,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Focus Partners Advisor Solutions LLC bought a new stake in shares of Osisko Development during the fourth quarter worth about $62,000. U S Global Investors Inc. purchased a new position in Osisko Development in the first quarter valued at about $149,000. Polar Asset Management Partners Inc. purchased a new position in Osisko Development in the fourth quarter valued at about $196,000. WCG Wealth Advisors LLC purchased a new stake in shares of Osisko Development during the 4th quarter valued at approximately $201,000. Finally, Bastion Asset Management Inc. purchased a new stake in shares of Osisko Development during the 4th quarter valued at approximately $326,000. Institutional investors and hedge funds own 15.16% of the company's stock.

Osisko Development Stock Down 2.3%

Shares of ODV stock traded down $0.07 during mid-day trading on Wednesday, hitting $2.81. 765,158 shares of the stock traded hands, compared to its average volume of 502,322. Osisko Development Corp. has a 52-week low of $1.16 and a 52-week high of $2.90. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.68 and a quick ratio of 0.62. The stock has a market cap of $387.20 million, a P/E ratio of -3.42 and a beta of 0.61. The stock's fifty day moving average is $2.37 and its two-hundred day moving average is $1.90.

Analysts Set New Price Targets

A number of research firms recently weighed in on ODV. Wall Street Zen raised shares of Osisko Development from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Stifel Canada raised shares of Osisko Development to a "strong-buy" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada upgraded shares of Osisko Development from a "hold" rating to a "moderate buy" rating in a research note on Monday, June 2nd. Finally, National Bankshares restated an "outperform" rating on shares of Osisko Development in a research note on Tuesday, June 24th. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Strong Buy".

Osisko Development Profile

Osisko Development Corp. acquires, explores, and develops mineral properties in Canada, Mexico, and the United States. It explores for gold; and precious and base metals. The company's flagship asset is the Cariboo Gold Project covering an area of approximately 155,000 hectares consisting of 415 mineral titles located in British Columbia, Canada.