ODP (NASDAQ:ODP) Shares Down 4.4% - Here's Why

The ODP Corporation (NASDAQ:ODP - Get Free Report) was down 4.4% on Wednesday . The company traded as low as $18.58 and last traded at $18.51. Approximately 96,108 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 595,961 shares. The stock had previously closed at $19.36.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered ODP from a "buy" rating to a "hold" rating in a research note on Sunday, June 22nd.

ODP Price Performance

The business has a fifty day moving average price of $17.39 and a 200-day moving average price of $17.69. The company has a current ratio of 0.94, a quick ratio of 0.45 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $546.25 million, a PE ratio of -13.06, a PEG ratio of 0.43 and a beta of 1.34.

ODP (NASDAQ:ODP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The specialty retailer reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.65 by $0.41. ODP had a positive return on equity of 11.50% and a negative net margin of 0.69%. The firm had revenue of $1.70 billion during the quarter, compared to analysts' expectations of $1.67 billion. During the same period in the prior year, the business earned $1.05 EPS. The company's revenue for the quarter was down 9.2% compared to the same quarter last year. Research analysts expect that The ODP Corporation will post 3.26 EPS for the current fiscal year.

Hedge Funds Weigh In On ODP

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

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.