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

The ODP Corporation (NASDAQ:ODP - Get Free Report) shares were down 4.4% during mid-day trading on Wednesday . The company traded as low as $18.58 and last traded at $18.51. Approximately 96,108 shares changed 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 cut ODP from a "buy" rating to a "hold" rating in a report on Sunday, June 22nd.

ODP Price Performance

The business has a fifty day simple moving average of $17.31 and a two-hundred day simple moving average of $17.78. 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 cap of $558.59 million, a PE ratio of -13.36, a P/E/G ratio of 0.44 and a beta of 1.34.

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

Institutional Trading of ODP

Several institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. boosted its stake in ODP by 1.5% during the 1st quarter. American Century Companies Inc. now owns 1,028,782 shares of the specialty retailer's stock valued at $14,742,000 after purchasing an additional 15,560 shares during the last quarter. Neuberger Berman Group LLC lifted its holdings in shares of ODP by 2.1% during the 1st quarter. Neuberger Berman Group LLC now owns 931,156 shares of the specialty retailer's stock valued at $13,358,000 after buying an additional 19,552 shares during the period. Allianz Asset Management GmbH lifted its holdings in shares of ODP by 28.2% during the 1st quarter. Allianz Asset Management GmbH now owns 821,669 shares of the specialty retailer's stock valued at $11,775,000 after buying an additional 180,758 shares during the period. D. E. Shaw & Co. Inc. lifted its holdings in shares of ODP by 105.2% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 788,084 shares of the specialty retailer's stock valued at $17,921,000 after buying an additional 404,041 shares during the period. Finally, Atlas FRM LLC bought a new position in shares of ODP during the 4th quarter valued at $17,856,000. 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.