ODDITY Tech (NASDAQ:ODD) Shares Gap Down - Here's What Happened

Key Points

• ODDITY Tech shares experienced a significant drop, opening at $65.53 after a previous close of $74.04, with the stock last trading at $62.72.
• Several analysts have upgraded their price targets for ODDITY Tech, with Bank of America setting a new target of $80.00 and JPMorgan Chase increasing theirs to $85.00, while the average price target stands at $73.50.
• The company reported a quarterly earnings per share (EPS) of $0.92, exceeding analysts' expectations of $0.88, along with a revenue increase of 25.1% year-over-year.

ODDITY Tech Ltd. (NASDAQ:ODD - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $74.04, but opened at $65.53. ODDITY Tech shares last traded at $62.72, with a volume of 382,948 shares changing hands.

Wall Street Analysts Forecast Growth

ODD has been the subject of a number of recent research reports. Morgan Stanley boosted their target price on ODDITY Tech from $56.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Bank of America boosted their price objective on shares of ODDITY Tech from $68.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, June 27th. Truist Financial upped their price objective on shares of ODDITY Tech from $65.00 to $78.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. JMP Securities lifted their target price on shares of ODDITY Tech from $72.00 to $80.00 and gave the stock a "market outperform" rating in a research report on Tuesday. Finally, Barclays boosted their price target on shares of ODDITY Tech from $60.00 to $73.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $74.88.

ODDITY Tech Trading Up 0.8%

The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.29 and a current ratio of 6.32. The firm has a market capitalization of $3.25 billion, a PE ratio of 32.34, a P/E/G ratio of 2.71 and a beta of 3.27. The stock's 50-day simple moving average is $71.37 and its 200-day simple moving average is $57.03.

ODDITY Tech (NASDAQ:ODD - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. ODDITY Tech had a net margin of 14.65% and a return on equity of 32.17%. The company had revenue of $241.14 million for the quarter, compared to analysts' expectations of $237.44 million. During the same quarter in the previous year, the company earned $0.82 earnings per share. ODDITY Tech's quarterly revenue was up 25.1% on a year-over-year basis. As a group, sell-side analysts expect that ODDITY Tech Ltd. will post 1.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. WD Rutherford LLC bought a new stake in ODDITY Tech during the second quarter worth about $48,000. Assetmark Inc. bought a new stake in shares of ODDITY Tech in the 2nd quarter worth approximately $54,000. Deutsche Bank AG grew its stake in shares of ODDITY Tech by 65.0% in the 1st quarter. Deutsche Bank AG now owns 1,340 shares of the company's stock worth $58,000 after buying an additional 528 shares during the last quarter. Blair William & Co. IL purchased a new stake in shares of ODDITY Tech in the 2nd quarter worth approximately $204,000. Finally, Diversified Trust Co bought a new position in ODDITY Tech during the 2nd quarter valued at approximately $205,000. Institutional investors own 35.88% of the company's stock.

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.