ODP (NASDAQ:ODP) Shares Down 3.6% - Here's What Happened

Key Points

• ODP Corporation's stock price dropped 3.6% to $21.04, with trading volume significantly down by 89% compared to the average session volume.
• Analysts have downgraded ODP from a "buy" to a "hold" rating, and the current average price target for the stock is $19.00.
• In its latest earnings report, ODP beat expectations with an EPS of $0.51, although revenue decreased 7.6% year-over-year.

The ODP Corporation (NASDAQ:ODP - Get Free Report)'s stock price traded down 3.6% on Friday . The stock traded as low as $21.27 and last traded at $21.04. 64,340 shares were traded during trading, a decline of 89% from the average session volume of 584,145 shares. The stock had previously closed at $21.82.

Wall Street Analyst Weigh In

A number of research analysts have commented on ODP shares. Wall Street Zen downgraded ODP from a "buy" rating to a "hold" rating in a research note on Sunday, June 22nd. UBS Group boosted their target price on ODP from $17.00 to $19.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $19.00.

ODP Stock Down 5.5%

The firm has a market cap of $620.37 million, a PE ratio of 31.33, a price-to-earnings-growth ratio of 0.54 and a beta of 1.40. The stock has a fifty day simple moving average of $19.68 and a two-hundred day simple moving average of $17.15. The company has a current ratio of 0.94, a quick ratio of 0.45 and a debt-to-equity ratio of 0.30.

ODP (NASDAQ:ODP - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The specialty retailer reported $0.51 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.18. ODP had a net margin of 0.39% and a return on equity of 11.22%. The business had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.59 billion. During the same period last year, the company posted $0.56 EPS. The business's revenue was down 7.6% on a year-over-year basis. As a group, sell-side analysts expect that The ODP Corporation will post 3.26 EPS for the current fiscal year.

Institutional Investors Weigh In On ODP

Hedge funds and other institutional investors have recently bought and sold shares of the business. Farther Finance Advisors LLC boosted its position in ODP by 265,600.0% during the 1st quarter. Farther Finance Advisors LLC now owns 2,657 shares of the specialty retailer's stock worth $37,000 after acquiring an additional 2,656 shares during the period. AlphaQuest LLC acquired a new position in ODP during the 1st quarter valued at about $41,000. Headlands Technologies LLC bought a new stake in ODP in the first quarter valued at approximately $47,000. Parallel Advisors LLC lifted its holdings in shares of ODP by 3,033.3% in the second quarter. Parallel Advisors LLC now owns 2,820 shares of the specialty retailer's stock valued at $51,000 after purchasing an additional 2,730 shares in the last quarter. Finally, State of Wyoming boosted its stake in shares of ODP by 232.5% during the 1st quarter. State of Wyoming now owns 5,859 shares of the specialty retailer's stock worth $84,000 after acquiring an additional 4,097 shares during the period. Institutional investors and hedge funds own 99.56% of the company's stock.

About ODP

The ODP Corporation provides business services and supplies, products, and digital workplace technology solutions for small, medium, and enterprise businesses in the United States, Puerto Rico, and the U.S. Virgin Islands. The company operates through four divisions: ODP Business Solutions, Office Depot, Veyer, and Varis.

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