Ocado Group (LON:OCDO) Stock Price Down 12.3% - Here's What Happened

Key Points

• Ocado Group's shares dropped by 12.3% on Friday, hitting a low of GBX 259.30 ($3.52) before slightly recovering to GBX 263.08 ($3.57).
• Despite the recent decline, JPMorgan Chase has raised its price target for Ocado Group from GBX 400 to GBX 437, maintaining an "overweight" rating.
• Ocado Group has a market capitalization of £2.18 billion and a high price-to-earnings ratio of 559.73, indicating its stock is currently valued highly relative to its earnings.

Shares of Ocado Group plc (LON:OCDO - Get Free Report) dropped 12.3% on Friday . The stock traded as low as GBX 259.30 ($3.54) and last traded at GBX 263.08 ($3.59). Approximately 33,192,313 shares traded hands during trading, an increase of 308% from the average daily volume of 8,128,722 shares. The stock had previously closed at GBX 300 ($4.10).

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. upped 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 investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of GBX 437.

Ocado Group Stock Performance

The company has a market cap of £1.87 billion, a price-to-earnings ratio of 479.79 and a beta of 1.85. The firm has a 50 day moving average price of GBX 318.72 and a two-hundred day moving average price 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.

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.