Ocado Group (LON:OCDO) Stock Price Down 13.6% - Should You Sell?

Key Points

• Ocado Group's stock price fell 13.6%, trading as low as GBX 257.90 on Friday, with a significant increase in trading volume of 312% compared to its daily average.
• Despite the drop, JPMorgan Chase & Co. raised Ocado's price target from GBX 400 to GBX 437, maintaining an "overweight" rating on the stock.
• Ocado Group provides advanced online grocery fulfillment solutions and holds a 50% share in Ocado Retail Ltd, in a partnership with Marks & Spencer.

Ocado Group plc (LON:OCDO - Get Free Report) dropped 13.6% during trading on Friday . The stock traded as low as GBX 257.90 ($3.52) and last traded at GBX 259.20 ($3.54). Approximately 33,492,609 shares changed hands during mid-day trading, an increase of 312% from the average daily volume of 8,130,419 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 note on Friday, August 1st. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of GBX 437.

Ocado Group Stock Performance

The company has a fifty day simple moving average of GBX 318.72 and a two-hundred day simple moving average of GBX 282.57. The company has a quick ratio of 2.82, a current ratio of 2.35 and a debt-to-equity ratio of 144.16. The stock has a market capitalization of £1.87 billion, a P/E ratio of 479.79 and a beta of 1.85.

About Ocado Group

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.