Short Interest in Osisko Development Corp. (NYSE:ODV) Drops By 38.0%

Key Points

• Short interest fell 38.0% to 6,649,837 shares as of March 13, representing 2.2% of shares short and a days-to-cover ratio of about 2.3 based on average daily volume.
• Shares traded up 0.9% to $2.89 with a market cap of about $879 million, a 52-week range of $1.36–$4.80, and a negative P/E of -2.62.
• Several institutional investors (including Condire, Anson, Amundi, Franklin and Sprott) materially increased stakes—institutions own about 15.16%—and analyst coverage is mixed with a consensus "Moderate Buy" while Weiss Ratings maintains a "sell (d-)."

Osisko Development Corp. (NYSE:ODV - Get Free Report) saw a large decline in short interest in the month of March. As of March 13th, there was short interest totaling 6,649,837 shares, a decline of 38.0% from the February 26th total of 10,732,826 shares. Currently, 2.2% of the company's shares are short sold. Based on an average daily volume of 2,882,001 shares, the days-to-cover ratio is presently 2.3 days.

Osisko Development Stock Up 0.9%

Osisko Development stock traded up $0.03 during trading on Friday, hitting $2.89. 1,110,629 shares of the company were exchanged, compared to its average volume of 2,898,617. The company has a current ratio of 1.31, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The business's 50 day moving average is $3.78 and its 200 day moving average is $3.53. Osisko Development has a 52 week low of $1.36 and a 52 week high of $4.80. The company has a market capitalization of $879.07 million, a P/E ratio of -2.62 and a beta of 0.55.

Institutional Investors Weigh In On Osisko Development

A number of institutional investors have recently added to or reduced their stakes in ODV. Condire Management LP lifted its position in shares of Osisko Development by 5.2% during the 4th quarter. Condire Management LP now owns 23,112,036 shares of the company's stock valued at $80,661,000 after buying an additional 1,147,192 shares during the last quarter. Anson Funds Management LP raised its stake in Osisko Development by 82.6% in the 3rd quarter. Anson Funds Management LP now owns 7,150,761 shares of the company's stock valued at $24,241,000 after acquiring an additional 3,235,008 shares during the period. Amundi lifted its holdings in Osisko Development by 55.6% during the fourth quarter. Amundi now owns 7,000,000 shares of the company's stock valued at $24,430,000 after purchasing an additional 2,500,000 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Osisko Development by 100.3% during the third quarter. Franklin Resources Inc. now owns 5,091,948 shares of the company's stock valued at $16,803,000 after purchasing an additional 2,550,000 shares during the last quarter. Finally, Sprott Inc. boosted its position in Osisko Development by 1,699.9% during the fourth quarter. Sprott Inc. now owns 4,560,007 shares of the company's stock worth $15,482,000 after purchasing an additional 4,306,666 shares during the period. 15.16% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of Osisko Development in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Osisko Development has a consensus rating of "Moderate Buy".

Osisko Development Company Profile

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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