Oatly Group (NASDAQ:OTLY) Announces Quarterly Earnings Results

Oatly Group (NASDAQ:OTLY – Get Rating) announced its quarterly earnings data on Wednesday. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.07), Briefing.com reports. Oatly Group had a negative return on equity of 32.36% and a negative net margin of 48.68%. The firm had revenue of $195.10 million during the quarter, compared to analysts’ expectations of $181.07 million. During the same period last year, the business posted ($0.13) EPS. The company’s revenue was up 4.9% compared to the same quarter last year. Oatly Group updated its FY 2023 guidance to EPS.

Oatly Group Price Performance

Shares of OTLY traded up $0.17 during trading hours on Friday, reaching $2.34. 2,863,034 shares of the stock traded hands, compared to its average volume of 5,067,269. The company has a market cap of $1.39 billion, a P/E ratio of -3.90 and a beta of 0.78. The company has a current ratio of 1.56, a quick ratio of 1.18 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average price is $2.33 and its two-hundred day moving average price is $2.24. Oatly Group has a 52-week low of $1.28 and a 52-week high of $5.80.

Analysts Set New Price Targets

Several brokerages have commented on OTLY. Piper Sandler raised their price target on shares of Oatly Group from $3.00 to $4.00 and gave the company an “overweight” rating in a report on Tuesday, January 10th. Cowen decreased their price target on shares of Oatly Group from $5.00 to $3.00 in a research note on Monday, November 21st. Credit Suisse Group restated a “neutral” rating and set a $3.30 target price on shares of Oatly Group in a report on Thursday. Cowen decreased their price objective on shares of Oatly Group from $5.00 to $3.00 in a research report on Monday, November 21st. Finally, Mizuho upgraded Oatly Group from a “neutral” rating to a “buy” rating and upped their target price for the company from $2.50 to $6.00 in a report on Wednesday, January 18th.

Hedge Funds Weigh In On Oatly Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. lifted its stake in shares of Oatly Group by 14.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 56,467 shares of the company’s stock valued at $283,000 after purchasing an additional 7,103 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Oatly Group by 7.1% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 117,589 shares of the company’s stock worth $589,000 after buying an additional 7,823 shares during the last quarter. Mariner LLC lifted its position in Oatly Group by 64.8% in the fourth quarter. Mariner LLC now owns 20,497 shares of the company’s stock worth $36,000 after buying an additional 8,059 shares during the last quarter. Ensign Peak Advisors Inc boosted its stake in Oatly Group by 48.1% during the first quarter. Ensign Peak Advisors Inc now owns 26,854 shares of the company’s stock worth $135,000 after buying an additional 8,716 shares during the period. Finally, Vident Investment Advisory LLC increased its position in Oatly Group by 21.6% during the fourth quarter. Vident Investment Advisory LLC now owns 50,031 shares of the company’s stock valued at $87,000 after acquiring an additional 8,883 shares during the last quarter. Institutional investors own 20.51% of the company’s stock.

About Oatly Group

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Oatly Group AB, an oatmilk company, provides a range of plant-based dairy products made from oats in Sweden. It offers Barista edition oatmilk, oatgurts, frozen desserts, ice-creams, and yogurts; ready-to-go drinks, such as cold brew latte, mocha latte, matcha latte, and mini oat drink in original and chocolate flavors; and cooking products, including Cooking Cream, in regular and organic, Crème Fraiche, Whipping Cream, Vanilla Custard and Spreads in a variety of flavors.