Osisko Development Corp. (NYSE:ODV) Short Interest Up 73.1% in August

Key Points

• Short interest in Osisko Development Corp. surged by 73.1% in August, rising to 1,520,000 shares as of August 15th, indicating increased bearish sentiment among investors.
• Institutional ownership of Osisko Development stands at 15.16%, with several hedge funds making new stakes in the company recently.
• Market analysts have shown optimism, with multiple upgrades to ratings, including a raise to "strong buy" from Stifel Canada and a "moderate buy" from Royal Bank of Canada.

Osisko Development Corp. (NYSE:ODV - Get Free Report) was the target of a significant growth in short interest during the month of August. As of August 15th, there was short interest totaling 1,520,000 shares, agrowthof73.1% from the July 31st total of 878,000 shares. Based on an average daily trading volume, of 698,300 shares, the days-to-cover ratio is presently 2.2 days. Currently,1.5% of the shares of the stock are sold short. Currently,1.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 698,300 shares, the days-to-cover ratio is presently 2.2 days.

Hedge Funds Weigh In On Osisko Development

Institutional investors and hedge funds have recently modified their holdings of the business. Polar Asset Management Partners Inc. bought a new stake in Osisko Development in the 4th quarter valued at approximately $196,000. Focus Partners Advisor Solutions LLC bought a new stake in Osisko Development in the 4th quarter valued at approximately $62,000. WCG Wealth Advisors LLC bought a new stake in Osisko Development in the 4th quarter valued at approximately $201,000. U S Global Investors Inc. bought a new stake in Osisko Development in the 1st quarter valued at approximately $149,000. Finally, Vestcor Inc bought a new stake in Osisko Development in the 1st quarter valued at approximately $1,118,000. 15.16% of the stock is currently owned by institutional investors and hedge funds.

Osisko Development Trading Up 7.8%

Shares of Osisko Development stock traded up $0.22 during trading on Friday, hitting $2.97. 2,060,827 shares of the company were exchanged, compared to its average volume of 940,200. The firm has a market capitalization of $409.29 million, a P/E ratio of -3.62 and a beta of 0.63. Osisko Development has a 1-year low of $1.16 and a 1-year high of $3.03. The firm's fifty day moving average price is $2.48 and its 200 day moving average price is $1.97. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.68 and a quick ratio of 0.62.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Royal Bank Of Canada raised Osisko Development from a "hold" rating to a "moderate buy" rating in a report on Monday, June 2nd. Wall Street Zen raised Osisko Development from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. National Bankshares reaffirmed an "outperform" rating on shares of Osisko Development in a report on Tuesday, June 24th. Finally, Stifel Canada raised Osisko Development to a "strong-buy" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. According to MarketBeat, Osisko Development has an average rating of "Strong Buy".

Osisko Development Company Profile

Osisko Development Corp. acquires, explores, and develops mineral properties in Canada, Mexico, and the United States. It explores for gold; and precious and base metals. The company's flagship asset is the Cariboo Gold Project covering an area of approximately 155,000 hectares consisting of 415 mineral titles located in British Columbia, Canada.

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