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

Key Points

• Ocado Group's stock fell by 9.8%, trading as low as GBX 240.30 and experiencing increased trading volume of nearly 16 million shares.
• JPMorgan Chase raised Ocado's target price from GBX 400 to GBX 437 and maintains an "overweight" rating, indicating positive growth expectations for the company.
• Despite the drop, Ocado has a market cap of £2.24 billion and holds a significant stake in the UK grocery retail market through its joint venture with Marks & Spencer.

Ocado Group plc (LON:OCDO - Get Free Report)'s share price fell 9.8% during mid-day 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 traded hands during mid-day 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).

Analysts Set New Price Targets

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

Ocado Group Stock Down 14.9%

The company has a current ratio of 2.35, a quick ratio of 2.82 and a debt-to-equity ratio of 144.16. The firm has a market cap of £1.91 billion, a PE ratio of 490.00 and a beta of 1.85. The business'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.