ODDITY Tech (NASDAQ:ODD) Stock Price Down 5% - Here's Why

ODDITY Tech Ltd. (NASDAQ:ODD - Get Free Report)'s share price dropped 5% on Thursday . The stock traded as low as $70.73 and last traded at $70.30. Approximately 602,924 shares were traded during trading, a decline of 3% from the average daily volume of 620,285 shares. The stock had previously closed at $74.01.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ODD shares. JPMorgan Chase & Co. lifted their target price on shares of ODDITY Tech from $63.00 to $85.00 and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. The Goldman Sachs Group boosted their price objective on ODDITY Tech from $47.00 to $52.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Bank of America increased their target price on ODDITY Tech from $68.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, June 27th. JMP Securities reaffirmed a "market outperform" rating and issued a $66.00 price target on shares of ODDITY Tech in a report on Tuesday, April 22nd. Finally, Barclays upped 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 report on Tuesday. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $70.13.

ODDITY Tech Stock Performance

The company has a market capitalization of $3.95 billion, a price-to-earnings ratio of 40.70, a P/E/G ratio of 3.45 and a beta of 3.30. The business's 50-day simple moving average is $71.56 and its 200-day simple moving average is $54.35.

ODDITY Tech (NASDAQ:ODD - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.06. ODDITY Tech had a return on equity of 30.67% and a net margin of 15.12%. The business had revenue of $268.08 million for the quarter, compared to analyst estimates of $260.71 million. During the same period last year, the company earned $0.61 EPS. The firm's revenue was up 26.7% on a year-over-year basis. On average, analysts forecast that ODDITY Tech Ltd. will post 1.62 earnings per share for the current year.

Hedge Funds Weigh In On ODDITY Tech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ODD. WD Rutherford LLC bought a new stake in shares of ODDITY Tech during the 2nd quarter worth about $48,000. Mark Sheptoff Financial Planning LLC bought a new position in shares of ODDITY Tech during the fourth quarter worth approximately $42,000. Deutsche Bank AG lifted its holdings in ODDITY Tech by 65.0% during the 1st quarter. Deutsche Bank AG now owns 1,340 shares of the company's stock worth $58,000 after purchasing an additional 528 shares during the last quarter. Diversified Trust Co bought a new stake in ODDITY Tech in the 2nd quarter valued at $205,000. Finally, Wells Fargo & Company MN boosted its stake in ODDITY Tech by 17.6% in the 4th quarter. Wells Fargo & Company MN now owns 2,999 shares of the company's stock valued at $126,000 after purchasing an additional 449 shares during the period. 35.88% of the stock is owned by institutional investors and hedge funds.

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.

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