Ocado Group (LON:OCDO) Trading Down 9.8% - Here's What Happened

Key Points

• Ocado Group's stock price fell 9.8% on Friday, trading as low as GBX 240.30, with a significant increase in trading volume, reaching approximately 15.99 million shares.
• Despite the recent decline, JPMorgan Chase & Co. raised their price target for Ocado Group from GBX 400 to GBX 437 and maintained an "overweight" rating on the stock.
• Ocado Group operates in the online grocery sector, providing end-to-end fulfillment solutions and holding a 50% stake in Ocado Retail Ltd, a joint venture with Marks & Spencer.

Ocado Group plc (LON:OCDO - Get Free Report) was down 9.8% on Friday . The stock traded as low as GBX 240.30 ($3.26) and last traded at GBX 270.71 ($3.68). Approximately 15,986,102 shares changed hands during mid-day 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).

Wall Street Analysts Forecast Growth

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

Ocado Group Trading Down 9.8%

The business has a fifty day simple moving average of GBX 318.45 and a 200 day simple moving average of GBX 283.82. The stock has a market cap of £2.24 billion, a price-to-earnings ratio of 575.99 and a beta of 1.85. The company has a debt-to-equity ratio of 144.16, a quick ratio of 2.82 and a current ratio of 2.35.

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.

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