ODP (NASDAQ:ODP) Shares Down 3.9% – Here’s Why

The ODP Co. (NASDAQ:ODP)’s stock price traded down 3.9% during trading on Thursday . The company traded as low as $23.80 and last traded at $23.84. 28,836 shares were traded during mid-day trading, a decline of 92% from the average session volume of 365,416 shares. The stock had previously closed at $24.81.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ODP shares. UBS Group dropped their price objective on shares of ODP from $30.00 to $28.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. StockNews.com raised ODP from a “hold” rating to a “buy” rating in a research note on Thursday, November 7th.

ODP Price Performance

The firm has a market capitalization of $725.92 million, a P/E ratio of -26.51, a PEG ratio of 0.37 and a beta of 1.40. The business’s 50-day simple moving average is $25.15 and its 200 day simple moving average is $29.98. The company has a quick ratio of 0.47, a current ratio of 0.92 and a debt-to-equity ratio of 0.28.

ODP (NASDAQ:ODP) last announced its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.89). The business had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.82 billion. ODP had a negative net margin of 0.52% and a positive return on equity of 12.15%. ODP’s revenue for the quarter was down 11.3% on a year-over-year basis. During the same period last year, the company posted $1.88 EPS. Sell-side analysts forecast that The ODP Co. will post 3.26 earnings per share for the current year.

Hedge Funds Weigh In On ODP

Several institutional investors and hedge funds have recently bought and sold shares of ODP. Weiss Asset Management LP boosted its stake in shares of ODP by 2,219.3% during the third quarter. Weiss Asset Management LP now owns 571,151 shares of the specialty retailer’s stock valued at $16,992,000 after purchasing an additional 546,525 shares during the period. DME Capital Management LP raised its stake in shares of ODP by 29.9% during the second quarter. DME Capital Management LP now owns 2,222,470 shares of the specialty retailer’s stock valued at $87,276,000 after acquiring an additional 511,890 shares during the last quarter. American Century Companies Inc. grew its stake in shares of ODP by 19.6% in the second quarter. American Century Companies Inc. now owns 832,871 shares of the specialty retailer’s stock worth $32,707,000 after purchasing an additional 136,730 shares during the last quarter. Mork Capital Management LLC increased its holdings in ODP by 150.0% during the 3rd quarter. Mork Capital Management LLC now owns 125,000 shares of the specialty retailer’s stock valued at $3,719,000 after purchasing an additional 75,000 shares during the period. Finally, State Street Corp raised its position in ODP by 5.0% during the 3rd quarter. State Street Corp now owns 1,542,725 shares of the specialty retailer’s stock valued at $45,896,000 after purchasing an additional 74,015 shares during the last quarter. 99.56% of the stock is currently owned by institutional investors.

ODP Company Profile

The ODP Corporation provides business services and supplies, products, and digital workplace technology solutions for small, medium, and enterprise businesses in the United States, Puerto Rico, and the U.S. Virgin Islands. The company operates through four divisions: ODP Business Solutions, Office Depot, Veyer, and Varis.