Oddity Tech (NASDAQ:ODD) Shares Gap Down on Analyst Downgrade

Oddity Tech Ltd. (NASDAQ:ODD - Get Free Report)'s share price gapped down before the market opened on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $56.00 to $50.00. The stock had previously closed at $40.80, but opened at $39.66. JPMorgan Chase & Co. currently has an overweight rating on the stock. Oddity Tech shares last traded at $41.04, with a volume of 11,844 shares.

ODD has been the subject of several other research reports. KeyCorp reduced their price objective on shares of Oddity Tech from $52.00 to $50.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. JMP Securities reaffirmed a "market outperform" rating and set a $66.00 price target on shares of Oddity Tech in a research report on Tuesday, April 22nd. Barclays raised their price objective on Oddity Tech from $42.00 to $46.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 27th. Finally, Bank of America boosted their target price on Oddity Tech from $50.00 to $58.00 and gave the stock a "buy" rating in a research note on Thursday, February 27th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Oddity Tech presently has a consensus rating of "Moderate Buy" and an average target price of $53.25.

Hedge Funds Weigh In On Oddity Tech

Hedge funds have recently made changes to their positions in the company. Nordea Investment Management AB acquired a new position in shares of Oddity Tech in the fourth quarter valued at about $797,000. Harbor Capital Advisors Inc. purchased a new stake in Oddity Tech in the fourth quarter valued at approximately $1,767,000. Blue Trust Inc. increased its holdings in Oddity Tech by 33.2% in the 4th quarter. Blue Trust Inc. now owns 6,437 shares of the company's stock worth $260,000 after buying an additional 1,603 shares during the period. Geode Capital Management LLC raised its position in Oddity Tech by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 63,625 shares of the company's stock worth $2,569,000 after buying an additional 750 shares during the last quarter. Finally, Norges Bank purchased a new position in Oddity Tech during the 4th quarter worth approximately $9,470,000. 35.88% of the stock is owned by institutional investors and hedge funds.

Oddity Tech Stock Performance

The firm's 50 day simple moving average is $43.37 and its 200 day simple moving average is $43.59. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 26.98, a PEG ratio of 1.48 and a beta of 3.73.

Oddity Tech Company Profile

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.