Osisko Development (NYSE:ODV) Trading Up 9.9% - What's Next?

Key Points

• Shares rose 9.9% intraday to $3.7040 (high $3.74) on Friday, with about 759,830 shares trading—roughly a 71% drop from the stock's average daily volume.
• Analyst views are mixed: Weiss Ratings reaffirmed a “sell (d-)”, but MarketBeat shows a consensus of “Moderate Buy” (1 Strong Buy, 2 Buy, 1 Sell).
• Osisko reported an earnings beat (EPS $0.04 vs. estimate −$0.03), has a market cap of $1.11B and a negative P/E of −4.28, while several institutions (Condire, Sprott, Amundi) have materially increased stakes, with ~15.16% owned by hedge funds/institutions.

Osisko Development Corp. (NYSE:ODV - Get Free Report)'s stock price was up 9.9% during mid-day trading on Friday . The company traded as high as $3.74 and last traded at $3.7040. Approximately 759,830 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 2,657,141 shares. The stock had previously closed at $3.37.

Analyst Ratings Changes

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

Osisko Development Stock Up 7.9%

The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -4.28 and a beta of 0.75. The company has a current ratio of 1.45, a quick ratio of 1.42 and a debt-to-equity ratio of 0.20. The firm has a 50 day moving average price of $3.67 and a two-hundred day moving average price of $3.55.

Osisko Development (NYSE:ODV - Get Free Report) last released its quarterly earnings data 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 analyst estimates of $2.19 million. On average, equities analysts expect that Osisko Development Corp. will post -0.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Osisko Development

Several hedge funds have recently modified their holdings of ODV. Condire Management LP raised its holdings in shares of Osisko Development by 75.0% during the 3rd quarter. Condire Management LP now owns 21,964,844 shares of the company's stock valued at $74,461,000 after buying an additional 9,412,910 shares during the period. Amundi purchased a new stake in shares of Osisko Development during the 3rd quarter valued at about $16,335,000. Sprott Inc. raised its holdings in shares of Osisko Development by 1,699.9% during the 4th quarter. Sprott Inc. now owns 4,560,007 shares of the company's stock valued at $15,482,000 after buying an additional 4,306,666 shares during the period. Schroder Investment Management Group purchased a new stake in shares of Osisko Development during the 3rd quarter valued at about $13,380,000. Finally, Anson Funds Management LP raised its holdings in shares of Osisko Development by 82.6% during the 3rd quarter. Anson Funds Management LP now owns 7,150,761 shares of the company's stock valued at $24,241,000 after buying an additional 3,235,008 shares during the period. 15.16% of the stock is currently owned by hedge funds and other institutional investors.

About Osisko Development

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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