The ODP Co. (NASDAQ:ODP) Sees Significant Decrease in Short Interest

The ODP Co. (NASDAQ:ODP) was the recipient of a significant decrease in short interest in November. As of November 30th, there was short interest totalling 3,040,000 shares, a decrease of 27.4% from the November 15th total of 4,190,000 shares. Currently, 10.5% of the shares of the company are sold short. Based on an average daily trading volume, of 559,500 shares, the short-interest ratio is presently 5.4 days.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On ODP

Hedge funds have recently made changes to their positions in the company. CWM LLC boosted its position in ODP by 81.3% during the second quarter. CWM LLC now owns 941 shares of the specialty retailer’s stock worth $37,000 after acquiring an additional 422 shares during the last quarter. Quarry LP lifted its stake in ODP by 170.3% in the 2nd quarter. Quarry LP now owns 1,092 shares of the specialty retailer’s stock worth $43,000 after purchasing an additional 688 shares in the last quarter. KBC Group NV boosted its holdings in shares of ODP by 88.9% during the 3rd quarter. KBC Group NV now owns 1,844 shares of the specialty retailer’s stock worth $55,000 after purchasing an additional 868 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of ODP in the second quarter valued at approximately $68,000. Finally, Gladius Capital Management LP increased its holdings in shares of ODP by 227.8% in the second quarter. Gladius Capital Management LP now owns 2,180 shares of the specialty retailer’s stock valued at $86,000 after purchasing an additional 1,515 shares during the last quarter. Institutional investors and hedge funds own 99.56% of the company’s stock.

ODP Stock Performance

Shares of NASDAQ:ODP traded down $0.40 during midday trading on Friday, reaching $27.57. 373,943 shares of the company’s stock traded hands, compared to its average volume of 471,811. The company has a current ratio of 0.92, a quick ratio of 0.47 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $28.46 and a two-hundred day simple moving average of $32.56. ODP has a 1 year low of $23.69 and a 1 year high of $58.98.

ODP (NASDAQ:ODP) last released its earnings results on Wednesday, November 6th. The specialty retailer reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.89). ODP had a positive return on equity of 12.15% and a negative net margin of 0.52%. The company had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.82 billion. During the same period in the prior year, the firm earned $1.88 EPS. The firm’s revenue for the quarter was down 11.3% on a year-over-year basis. As a group, research analysts forecast that ODP will post 3.26 EPS for the current year.

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.