ODP (NASDAQ:ODP) Shares Up 4.9% - Here's Why

Key Points

• ODP Corporation's stock rose by 4.9% on Tuesday, reaching a last traded price of $21.55, despite a decline in trading volume.
• Analysts have mixed opinions on ODP, with UBS raising the price target to $19.00, while others have downgraded the rating, reflecting a consensus rating of "Hold".
• In its latest earnings report, ODP reported $0.51 EPS, exceeding expectations, but its revenue showed a 7.6% decline compared to the same quarter last year.

The ODP Corporation (NASDAQ:ODP - Get Free Report)'s stock price shot up 4.9% during trading on Tuesday . The company traded as high as $21.27 and last traded at $21.55. 19,416 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 604,981 shares. The stock had previously closed at $20.55.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ODP. Wall Street Zen downgraded ODP from a "buy" rating to a "hold" rating in a research report on Sunday, June 22nd. UBS Group lifted their price objective on ODP from $17.00 to $19.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $19.00.

ODP Stock Performance

The stock has a 50-day simple moving average of $18.57 and a 200-day simple moving average of $16.84. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.94 and a quick ratio of 0.45. The stock has a market cap of $641.69 million, a PE ratio of 32.32, a P/E/G ratio of 0.53 and a beta of 1.38.

ODP (NASDAQ:ODP - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The specialty retailer reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.18. ODP had a return on equity of 11.22% and a net margin of 0.39%.The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter in the previous year, the business earned $0.56 earnings per share. The firm's quarterly revenue was down 7.6% compared to the same quarter last year. Equities analysts predict that The ODP Corporation will post 3.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ODP

Institutional investors and hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC boosted its position in shares of ODP by 265,600.0% in the first quarter. Farther Finance Advisors LLC now owns 2,657 shares of the specialty retailer's stock worth $37,000 after buying an additional 2,656 shares during the period. AlphaQuest LLC purchased a new stake in shares of ODP in the first quarter worth about $41,000. Headlands Technologies LLC purchased a new stake in shares of ODP in the first quarter worth about $47,000. Parallel Advisors LLC boosted its position 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 worth $51,000 after buying an additional 2,730 shares during the period. Finally, State of Wyoming boosted its position in shares of ODP by 232.5% in the first quarter. State of Wyoming now owns 5,859 shares of the specialty retailer's stock worth $84,000 after buying an additional 4,097 shares during the period. Hedge funds and other institutional investors own 99.56% of the company's stock.

ODP Company Profile

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.