Ocado Group (LON:OCDO) Shares Down 9.8% - Here's Why

Key Points

• Ocado Group shares experienced a significant decline of 9.8% during mid-day trading, with stock prices dropping to as low as GBX 240.30 ($3.26).
• Despite the recent downturn, JPMorgan Chase & Co. raised its price target for Ocado from GBX 400 to GBX 437 and maintains an "overweight" rating on the stock.
• Ocado Group has a current market capitalization of £2.24 billion and holds a 50% stake in Ocado Retail Ltd., a joint venture with Marks & Spencer.

Ocado Group plc (LON:OCDO - Get Free Report)'s share price traded down 9.8% during trading on Saturday . The stock traded as low as GBX 240.30 ($3.26) and last traded at GBX 270.71 ($3.67). 15,986,102 shares were traded during trading, an increase of 99% from the average session volume of 8,031,512 shares. The stock had previously closed at GBX 300 ($4.07).

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. boosted their target price 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 investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of GBX 437.

Ocado Group Price Performance

The company has a debt-to-equity ratio of 144.16, a quick ratio of 2.82 and a current ratio of 2.35. The stock has a market capitalization of £2.24 billion, a P/E ratio of 575.99 and a beta of 1.85. The firm has a 50-day moving average price of GBX 318.95 and a 200 day moving average price of GBX 283.18.

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.