Ocado Group (LON:OCDO) Trading Down 12.9% - Here's What Happened

Key Points

• Ocado Group's shares plummeted 12.9% to GBX 261.40 ($3.55) after closing at GBX 300 ($4.07), with trading volume rising 308% compared to average levels.
• Analysts from JPMorgan raised the target price for Ocado Group from GBX 400 to GBX 437 and maintained an "overweight" rating, with consensus indicating a "Buy" rating.
• Ocado Group, which provides online grocery fulfilment solutions, has a market capitalization of £2.18 billion and an exceptionally high PE ratio of 559.73.

Shares of Ocado Group plc (LON:OCDO - Get Free Report) traded down 12.9% during trading on Friday . The company traded as low as GBX 259.30 ($3.54) and last traded at GBX 261.40 ($3.57). 33,147,523 shares changed hands during mid-day trading, an increase of 308% from the average session volume of 8,128,469 shares. The stock had previously closed at GBX 300 ($4.10).

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. lifted their price objective on Ocado Group from GBX 400 to GBX 437 and gave the stock an "overweight" rating in a research report on Friday, August 1st. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of GBX 437.

Ocado Group Price Performance

The company has a market capitalization of £1.87 billion, a price-to-earnings ratio of 479.79 and a beta of 1.85. The company has a 50-day moving average price of GBX 318.72 and a 200-day moving average price of GBX 282.57. The company has a debt-to-equity ratio of 144.16, a quick ratio of 2.82 and a current ratio of 2.35.

Ocado Group Company Profile

Ocado Group is a UK based technology company that provides end-to-end online grocery fulfilment solutions, known as the Ocado Smart Platform, to some of the world's largest grocery retailers and holds a 50% share of Ocado Retail Ltd in the UK in a Joint Venture with Marks & Spencer. OSP comprises access to Ocado's physical infrastructure solutions, running highly efficient warehouse operations for the single pick of products, together with the entire end-to-end proprietary software applications required to operate a world class online grocery business.