ODP (NASDAQ:ODP) Shares Gap Down – Here’s What Happened

The ODP Co. (NASDAQ:ODP) gapped down before the market opened on Wednesday . The stock had previously closed at $31.11, but opened at $28.03. ODP shares last traded at $26.22, with a volume of 131,925 shares.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ODP. UBS Group lowered their target price on ODP from $53.00 to $30.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. StockNews.com cut ODP from a “buy” rating to a “hold” rating in a report on Thursday, August 8th.

ODP Trading Down 11.4 %

The company has a current ratio of 0.90, a quick ratio of 0.43 and a debt-to-equity ratio of 0.19. The firm has a market cap of $925.80 million, a PE ratio of -32.44, a PEG ratio of 0.52 and a beta of 1.48. The firm has a fifty day simple moving average of $29.98 and a two-hundred day simple moving average of $36.06.

ODP (NASDAQ:ODP) last announced its quarterly earnings results on Wednesday, August 7th. The specialty retailer reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.64). ODP had a negative net margin of 0.34% and a positive return on equity of 15.93%. The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the prior year, the firm earned $0.99 EPS. ODP’s quarterly revenue was down 10.0% compared to the same quarter last year. Equities analysts forecast that The ODP Co. will post 4.29 EPS for the current year.

Insider Buying and Selling

In related news, Director Wendy Lee Schoppert purchased 3,875 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average price of $25.77 per share, for a total transaction of $99,858.75. Following the purchase, the director now directly owns 3,875 shares of the company’s stock, valued at approximately $99,858.75. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On ODP

Several hedge funds and other institutional investors have recently bought and sold shares of ODP. ProShare Advisors LLC increased its holdings in ODP by 5.7% in the 1st quarter. ProShare Advisors LLC now owns 6,462 shares of the specialty retailer’s stock valued at $343,000 after acquiring an additional 348 shares during the last quarter. Texas Permanent School Fund Corp increased its stake in ODP by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 29,114 shares of the specialty retailer’s stock worth $1,544,000 after acquiring an additional 375 shares during the last quarter. State of Alaska Department of Revenue raised its position in ODP by 2.1% during the third quarter. State of Alaska Department of Revenue now owns 19,156 shares of the specialty retailer’s stock valued at $569,000 after purchasing an additional 394 shares during the period. SummerHaven Investment Management LLC lifted its stake in shares of ODP by 2.6% in the 2nd quarter. SummerHaven Investment Management LLC now owns 15,830 shares of the specialty retailer’s stock valued at $622,000 after purchasing an additional 399 shares during the last quarter. Finally, CWM LLC boosted its holdings in shares of ODP by 81.3% in the 2nd quarter. CWM LLC now owns 941 shares of the specialty retailer’s stock worth $37,000 after purchasing an additional 422 shares during the period. Institutional investors own 99.56% of the company’s stock.

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.