Osisko Development Corp. (NYSE:ODV) Short Interest Up 27.9% in March

Key Points

• Short interest rose 27.9% in March to 8,508,032 shares (about 2.8% of shares sold short), giving a short-interest ratio of 2.5 days based on average volume.
• Osisko Development reported quarterly EPS of $0.04, beating the consensus -$0.03 while revenue matched estimates of $2.19 million, but analysts still expect -0.16 EPS for the current year.
• The stock trades near $3.36 with a market cap of $1.02 billion and a negative P/E (-3.95), and analysts' ratings collectively imply a "Moderate Buy" consensus.

Osisko Development Corp. (NYSE:ODV - Get Free Report) saw a large increase in short interest during the month of March. As of March 31st, there was short interest totaling 8,508,032 shares, an increase of 27.9% from the March 15th total of 6,649,837 shares. Currently, 2.8% of the shares of the stock are sold short. Based on an average trading volume of 3,437,363 shares, the short-interest ratio is currently 2.5 days.

Osisko Development Stock Performance

Osisko Development stock opened at $3.36 on Thursday. The firm has a 50 day simple moving average of $3.67 and a 200-day simple moving average of $3.55. Osisko Development has a 1-year low of $1.50 and a 1-year high of $4.80. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.45 and a quick ratio of 1.42. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -3.95 and a beta of 0.75.

Osisko Development (NYSE:ODV - Get Free Report) last posted its quarterly earnings results on Friday, March 27th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.07. The firm had revenue of $2.19 million during the quarter, compared to analysts' expectations of $2.19 million. On average, analysts expect that Osisko Development will post -0.16 EPS for the current year.

Hedge Funds Weigh In On Osisko Development

Hedge funds have recently made changes to their positions in the stock. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Osisko Development during the 4th quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Osisko Development during the 4th quarter worth approximately $26,000. Bruce G. Allen Investments LLC purchased a new position in shares of Osisko Development during the 3rd quarter worth approximately $32,000. Purpose Unlimited Inc. purchased a new position in shares of Osisko Development during the 4th quarter worth approximately $34,000. Finally, Engineers Gate Manager LP purchased a new position in shares of Osisko Development during the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 15.16% of the company's stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Osisko Development in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy".

Osisko Development Company Profile

Osisko Development Corp. is a Canadian mineral exploration and development company focused on advancing a portfolio of high-quality precious and base metal projects in stable jurisdictions. The company’s strategy centers on the acquisition, exploration, and development of gold, zinc and lead deposits that offer the potential for scalable, long-life operations. Headquartered in Montreal, Quebec, Osisko Development operates primarily across Western Canada.

The company’s flagship asset is the Cariboo gold project in central British Columbia, where it is engaged in step-out drilling, resource definition and permitting activities aimed at building a robust mineral inventory.

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