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

Key Points

• Ocado Group's shares fell by 9.8%, closing at GBX 270.71 ($3.67) after trading as low as GBX 240.30 ($3.26), with trading volume significantly increasing by 99%.
• Despite the stock's recent decline, JPMorgan Chase & Co. raised their price target to GBX 437 and maintained an "overweight" rating.
• Ocado Group is a UK-based technology company specializing in end-to-end online grocery fulfillment solutions, holding a 50% share in Ocado Retail Ltd, alongside Marks & Spencer.

Shares of Ocado Group plc (LON:OCDO - Get Free Report) dropped 9.8% during mid-day trading on Saturday . The company traded as low as GBX 240.30 ($3.26) and last traded at GBX 270.71 ($3.67). Approximately 15,986,102 shares changed hands during trading, an increase of 99% from the average daily volume of 8,031,512 shares. The stock had previously closed at GBX 300 ($4.07).

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. upped their target price on shares of 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, Based on data from MarketBeat, the stock presently 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 current ratio of 2.35 and a quick ratio of 2.82. The stock has a market cap of £2.24 billion, a P/E ratio of 575.99 and a beta of 1.85. The company's 50 day simple moving average is GBX 318.95 and its 200 day simple moving average is 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.