ODP (NASDAQ:ODP) Trading 6.1% Higher – Here’s Why

The ODP Co. (NASDAQ:ODP)’s stock price shot up 6.1% on Monday . The company traded as high as $23.67 and last traded at $23.66. 92,586 shares changed hands during trading, a decline of 75% from the average session volume of 370,803 shares. The stock had previously closed at $22.31.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. StockNews.com raised shares of ODP from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. UBS Group lowered their target price on shares of ODP from $30.00 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th.

ODP Stock Up 2.5 %

The stock has a fifty day simple moving average of $25.20 and a two-hundred day simple moving average of $30.01. The firm has a market cap of $747.23 million, a PE ratio of -27.26, a price-to-earnings-growth ratio of 0.60 and a beta of 1.40. The company has a current ratio of 0.92, a quick ratio of 0.47 and a debt-to-equity ratio of 0.28.

ODP (NASDAQ:ODP) last issued its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.71 EPS for the quarter, missing the consensus estimate of $1.60 by ($0.89). ODP had a negative net margin of 0.52% and a positive return on equity of 12.15%. The firm 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 posted $1.88 EPS. ODP’s revenue was down 11.3% on a year-over-year basis. As a group, sell-side analysts expect that The ODP Co. will post 3.26 EPS for the current fiscal year.

Institutional Investors Weigh In On ODP

Institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP increased 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 acquiring an additional 688 shares during the last quarter. KBC Group NV grew its holdings in shares of ODP by 88.9% during the third quarter. KBC Group NV now owns 1,844 shares of the specialty retailer’s stock worth $55,000 after purchasing an additional 868 shares in the last quarter. GAMMA Investing LLC increased its position in shares of ODP by 380.1% in the fourth quarter. GAMMA Investing LLC now owns 3,879 shares of the specialty retailer’s stock worth $88,000 after purchasing an additional 3,071 shares during the last quarter. SG Americas Securities LLC purchased a new stake in ODP in the third quarter valued at approximately $104,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in ODP by 13.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,016 shares of the specialty retailer’s stock valued at $268,000 after purchasing an additional 1,049 shares during the last quarter. Hedge funds and other institutional investors own 99.56% of the company’s stock.

About ODP

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.