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

The ODP Co. (NASDAQ:ODP) shares dropped 3.9% during mid-day trading on Thursday . The stock traded as low as $23.80 and last traded at $23.84. Approximately 28,836 shares changed hands during trading, a decline of 92% from the average daily volume of 365,416 shares. The stock had previously closed at $24.81.

Analysts Set New Price Targets

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

ODP Stock Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 0.92 and a quick ratio of 0.47. The stock has a 50-day moving average price of $25.02 and a 200-day moving average price of $29.84. The firm has a market capitalization of $746.37 million, a PE ratio of -27.23, a price-to-earnings-growth ratio of 0.37 and a beta of 1.40.

ODP (NASDAQ:ODP) last issued its earnings results 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 company had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.82 billion. ODP had a negative net margin of 0.52% and a positive return on equity of 12.15%. The business’s revenue for the quarter was down 11.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.88 EPS. On average, research analysts expect that The ODP Co. will post 3.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Jane Street Group LLC increased its stake in shares of ODP by 31.1% during the third quarter. Jane Street Group LLC now owns 192,184 shares of the specialty retailer’s stock valued at $5,717,000 after acquiring an additional 45,627 shares during the period. Clearline Capital LP increased its position in shares of ODP by 108.7% during the 2nd quarter. Clearline Capital LP now owns 124,886 shares of the specialty retailer’s stock valued at $4,904,000 after purchasing an additional 65,033 shares during the period. Geode Capital Management LLC raised its stake in shares of ODP by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 813,895 shares of the specialty retailer’s stock worth $24,219,000 after buying an additional 3,041 shares in the last quarter. Weiss Asset Management LP lifted its holdings in shares of ODP by 2,219.3% in the third quarter. Weiss Asset Management LP now owns 571,151 shares of the specialty retailer’s stock valued at $16,992,000 after buying an additional 546,525 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in ODP by 1.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 82,606 shares of the specialty retailer’s stock valued at $2,458,000 after buying an additional 790 shares in the last quarter. 99.56% of the stock is owned by institutional investors and hedge funds.

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.