Osisko Development (NYSE:ODV) Shares Down 11.1% - Here's What Happened

Key Points

• Osisko Development's shares fell 11.1% to $3.25, with trading volumes down 32% compared to the average daily volume.
• Despite the recent decline, the stock received mixed reviews from analysts, with ratings ranging from Strong Buy to Sell, leading to an average rating of Moderate Buy.
• Hedge funds and institutional investors own 15.16% of the company's stock, with several new stakes acquired in recent quarters.

Osisko Development Corp. (NYSE:ODV - Get Free Report) shares dropped 11.1% during mid-day trading on Tuesday . The stock traded as low as $3.25 and last traded at $3.25. Approximately 487,954 shares traded hands during trading, a decline of 32% from the average daily volume of 720,095 shares. The stock had previously closed at $3.65.

Wall Street Analysts Forecast Growth

ODV has been the topic of several analyst reports. Stifel Canada raised Osisko Development to a "strong-buy" rating in a report on Tuesday, July 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Osisko Development in a research note on Wednesday, October 8th. Wall Street Zen raised Osisko Development from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of Osisko Development in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Osisko Development presently has an average rating of "Moderate Buy".

Osisko Development Stock Down 9.7%

The stock has a 50 day moving average price of $3.06 and a 200 day moving average price of $2.39. The stock has a market capitalization of $786.15 million, a price-to-earnings ratio of -4.02 and a beta of 0.70. The company has a quick ratio of 0.62, a current ratio of 0.68 and a debt-to-equity ratio of 0.01.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. HM Payson & Co. purchased a new position in Osisko Development in the third quarter worth $42,000. Pinnacle Wealth Management Group Inc. raised its stake in shares of Osisko Development by 5.7% in the third quarter. Pinnacle Wealth Management Group Inc. now owns 85,850 shares of the company's stock valued at $291,000 after buying an additional 4,600 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Osisko Development in the second quarter valued at $79,000. Marshall Wace LLP bought a new stake in shares of Osisko Development in the second quarter valued at $258,000. Finally, Walleye Capital LLC bought a new stake in shares of Osisko Development in the second quarter valued at $212,000. Hedge funds and other institutional investors own 15.16% of the company's stock.

About Osisko Development

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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