ODDITY Tech (NASDAQ:ODD) Receives "Hold" Rating from Needham & Company LLC

Key Points

• Needham reiterated a Hold rating on ODDITY Tech, joining a wave of cautious analyst updates that left the stock with a consensus rating of Reduce and an average price target of $31.36.
• Shares of ODDITY Tech fell 26.1% to $9.98, moving near their 12-month low as trading volume spiked above average.
• The company recently reported Q2 earnings of -$0.17 per share, missing estimates, while revenue came in above expectations at $197.94 million but still declined 26.2% year over year.

ODDITY Tech (NASDAQ:ODD - Get Free Report)'s stock had its "hold" rating reissued by stock analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports.

ODD has been the topic of a number of other reports. Truist Financial restated a "hold" rating and issued a $18.00 price target (down from $80.00) on shares of ODDITY Tech in a report on Wednesday, February 25th. KeyCorp decreased their target price on shares of ODDITY Tech from $50.00 to $30.00 and set an "overweight" rating for the company in a research report on Thursday, February 26th. Weiss Ratings lowered shares of ODDITY Tech from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, March 3rd. Jefferies Financial Group downgraded ODDITY Tech from a "buy" rating to a "hold" rating and reduced their price target for the stock from $64.00 to $18.00 in a research report on Wednesday, February 25th. Finally, Bank of America lowered ODDITY Tech from a "buy" rating to an "underperform" rating and set a $10.00 price objective for the company. in a report on Thursday, February 26th. One equities research analyst has rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $31.36.

ODDITY Tech Trading Down 26.1%

Shares of NASDAQ:ODD traded down $3.53 on Tuesday, hitting $9.98. 1,974,789 shares of the company's stock were exchanged, compared to its average volume of 1,263,416. The stock has a market capitalization of $574.66 million, a price-to-earnings ratio of 5.58, a price-to-earnings-growth ratio of 1.77 and a beta of 2.58. ODDITY Tech has a 12 month low of $10.80 and a 12 month high of $79.18. The company has a debt-to-equity ratio of 1.47, a current ratio of 5.24 and a quick ratio of 4.06. The business's 50 day simple moving average is $13.96 and its two-hundred day simple moving average is $26.24.

ODDITY Tech (NASDAQ:ODD - Get Free Report) last announced its quarterly earnings results on Tuesday, June 2nd. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.13). ODDITY Tech had a net margin of 13.68% and a return on equity of 29.84%. The firm had revenue of $197.94 million during the quarter, compared to analysts' expectations of $187.87 million. During the same quarter in the previous year, the firm posted $0.69 EPS. The firm's revenue for the quarter was down 26.2% on a year-over-year basis. Analysts anticipate that ODDITY Tech will post 0.64 EPS for the current fiscal year.

Insider Activity at ODDITY Tech

In related news, CFO Mann Lindsay Drucker sold 9,603 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $13.44, for a total value of $129,064.32. Following the completion of the sale, the chief financial officer owned 77,709 shares of the company's stock, valued at approximately $1,044,408.96. The trade was a 11.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 28,807 shares of company stock valued at $402,428 in the last three months.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its holdings in ODDITY Tech by 17.8% in the fourth quarter. Baillie Gifford & Co. now owns 7,122,641 shares of the company's stock valued at $286,188,000 after purchasing an additional 1,076,921 shares during the period. Morgan Stanley boosted its stake in shares of ODDITY Tech by 13.9% in the 4th quarter. Morgan Stanley now owns 4,305,565 shares of the company's stock valued at $172,998,000 after buying an additional 525,481 shares during the period. Janus Henderson Group PLC grew its position in shares of ODDITY Tech by 115.0% during the fourth quarter. Janus Henderson Group PLC now owns 2,423,917 shares of the company's stock worth $97,379,000 after buying an additional 1,296,551 shares in the last quarter. Granahan Investment Management LLC grew its position in shares of ODDITY Tech by 1.1% during the fourth quarter. Granahan Investment Management LLC now owns 1,523,204 shares of the company's stock worth $61,202,000 after buying an additional 16,747 shares in the last quarter. Finally, Bamco Inc. NY increased its stake in shares of ODDITY Tech by 11.3% during the third quarter. Bamco Inc. NY now owns 1,376,781 shares of the company's stock worth $85,773,000 after buying an additional 139,348 shares during the period. Hedge funds and other institutional investors own 35.88% of the company's stock.

About ODDITY Tech

Oddity Tech Ltd. operates as a consumer tech company that builds digital-first brands for the beauty and wellness industries in the United States and internationally. It serves consumers worldwide through its AI-driven online platform, which uses data science, machine learning, and computer vision capabilities to identify consumer needs, and develop solutions in the form of beauty and wellness products. The company sells beauty, hair, and skin products under the IL MAKIAGE and SpoiledChild brands.

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