Osisko Development (NYSE:ODV) Shares Down 5.2% - Here's What Happened

Key Points

• Osisko Development's shares dropped by 5.2% to $3.57, below its previous closing price of $3.76, with trading volume down 12% compared to its average.
• Wall Street analysts have mixed views on the stock, with ratings ranging from strong buy to sell, resulting in an overall average rating of Moderate Buy.
• Institutional investors have recently been active, with entities like SeaBridge Investment Advisors LLC and Salem Investment Counselors Inc. purchasing new stakes in Osisko Development during the second quarter.

Osisko Development Corp. (NYSE:ODV - Get Free Report)'s share price fell 5.2% on Thursday . The company traded as low as $3.54 and last traded at $3.57. 571,386 shares traded hands during mid-day trading, a decline of 12% from the average session volume of 645,774 shares. The stock had previously closed at $3.76.

Wall Street Analysts Forecast Growth

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

Osisko Development Trading Down 8.9%

The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.62 and a current ratio of 0.68. The company has a 50 day moving average of $2.88 and a two-hundred day moving average of $2.26. The stock has a market cap of $817.65 million, a PE ratio of -4.18 and a beta of 0.70.

Institutional Investors Weigh In On Osisko Development

Several large investors have recently bought and sold shares of ODV. SeaBridge Investment Advisors LLC purchased a new stake in Osisko Development during the 2nd quarter worth approximately $26,000. Salem Investment Counselors Inc. purchased a new stake in Osisko Development during the 2nd quarter worth approximately $30,000. Raymond James Financial Inc. purchased a new stake in Osisko Development during the 2nd quarter worth approximately $79,000. XTX Topco Ltd increased its stake in Osisko Development by 210.2% during the 2nd quarter. XTX Topco Ltd now owns 37,955 shares of the company's stock worth $81,000 after buying an additional 25,720 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC acquired a new position in Osisko Development during the second quarter worth about $82,000. 15.16% of the stock is currently owned by hedge funds and other institutional investors.

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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