Morgan Stanley Increases ODDITY Tech (NASDAQ:ODD) Price Target to $61.00

Key Points

• Morgan Stanley has increased the price target for ODDITY Tech from $56.00 to $61.00, maintaining an "equal weight" rating on the stock.
• Other brokerages have also raised their price targets, with Truist Financial upgrading to $78.00 and KeyCorp raising theirs to $90.00, reflecting strong analyst interest in the company.
• ODDITY Tech reported better-than-expected earnings of $0.92 per share and revenue of $241.14 million for the latest quarter, demonstrating a year-over-year revenue growth of 25.1%.

ODDITY Tech (NASDAQ:ODD - Get Free Report) had its price objective raised by equities research analysts at Morgan Stanley from $56.00 to $61.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's target price points to a potential upside of 3.46% from the company's previous close.

A number of other brokerages have also commented on ODD. Truist Financial upped their price target on ODDITY Tech from $65.00 to $78.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Barclays upped their price target on ODDITY Tech from $60.00 to $73.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. KeyCorp upped their price target on ODDITY Tech from $65.00 to $90.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. The Goldman Sachs Group upped their price target on ODDITY Tech from $47.00 to $52.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. increased their target price on ODDITY Tech from $63.00 to $85.00 and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $74.88.

ODDITY Tech Price Performance

NASDAQ ODD traded up $1.24 on Wednesday, hitting $58.96. 1,296,570 shares of the company were exchanged, compared to its average volume of 871,015. The company's 50 day moving average price is $72.25 and its 200-day moving average price is $56.76. The firm has a market capitalization of $3.29 billion, a P/E ratio of 32.70, a price-to-earnings-growth ratio of 3.45 and a beta of 3.27. ODDITY Tech has a twelve month low of $32.71 and a twelve month high of $79.18.

ODDITY Tech (NASDAQ:ODD - Get Free Report) last released its 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 for the quarter, compared to analysts' expectations of $237.44 million. ODDITY Tech had a return on equity of 32.84% and a net margin of 14.65%. The business's revenue for the quarter was up 25.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.82 EPS. As a group, equities analysts expect that ODDITY Tech will post 1.62 EPS for the current year.

Hedge Funds Weigh In On ODDITY Tech

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

About ODDITY Tech

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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