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) saw a significant growth in short interest during the month of August. As of August 15th, there was short interest totaling 1,520,000 shares, a growth of 73.1% from the July 31st total of 878,000 shares. Based on an average trading volume of 698,300 shares, the short-interest ratio is presently 2.2 days. Currently, 1.5% of the company's stock are sold short. Currently, 1.5% of the company's stock are sold short. Based on an average trading volume of 698,300 shares, the short-interest ratio is presently 2.2 days.

Osisko Development Price Performance

Osisko Development stock traded down $0.05 during mid-day trading on Thursday, reaching $3.13. 1,031,649 shares of the company traded hands, compared to its average volume of 1,182,204. The company has a current ratio of 0.68, a quick ratio of 0.62 and a debt-to-equity ratio of 0.01. Osisko Development has a fifty-two week low of $1.16 and a fifty-two week high of $3.22. The firm's fifty day moving average is $2.53 and its two-hundred day moving average is $2.00.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Anson Funds Management LP increased its stake in Osisko Development by 25.1% during the 1st quarter. Anson Funds Management LP now owns 3,581,267 shares of the company's stock valued at $5,336,000 after purchasing an additional 718,049 shares in the last quarter. GMT Capital Corp acquired a new position in Osisko Development during the 1st quarter valued at approximately $1,213,000. Vestcor Inc acquired a new position in Osisko Development during the 1st quarter valued at approximately $1,118,000. Quarry LP acquired a new position in Osisko Development during the 1st quarter valued at approximately $447,000. Finally, U S Global Investors Inc. increased its stake in Osisko Development by 150.0% during the 2nd quarter. U S Global Investors Inc. now owns 250,000 shares of the company's stock valued at $537,000 after purchasing an additional 150,000 shares in the last quarter. Institutional investors and hedge funds own 15.16% of the company's stock.

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.