ODDITY Tech (NASDAQ:ODD) Shares Down 6.5% Following Analyst Downgrade

ODDITY Tech Ltd. (NASDAQ:ODD) was down 6.5% on Monday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock traded as low as $13.59 and last traded at $13.8960. 338,081 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 1,932,436 shares. The stock had previously closed at $14.86.

Other research analysts also recently issued research reports about the company. Weiss Ratings downgraded ODDITY Tech from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, March 3rd. Jefferies Financial Group reiterated a “hold” rating and set a $10.25 price target on shares of ODDITY Tech in a research report on Tuesday, June 2nd. Morgan Stanley decreased their price target on ODDITY Tech from $16.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 3rd. Wall Street Zen downgraded shares of ODDITY Tech from a “sell” rating to a “strong sell” rating in a report on Saturday, April 18th. Finally, The Goldman Sachs Group cut shares of ODDITY Tech from a “hold” rating to a “sell” rating and reduced their price objective for the company from $16.00 to $8.00 in a research note on Wednesday, June 3rd. Eight research analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $25.39.

Insider Buying and Selling

In other ODDITY Tech news, CFO Mann Lindsay Drucker sold 9,603 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $13.44, for a total value of $129,064.32. Following the transaction, the chief financial officer directly owned 77,709 shares in the company, valued at $1,044,408.96. This represents a 11.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ODD. Wexford Capital LP bought a new stake in ODDITY Tech during the third quarter valued at approximately $40,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of ODDITY Tech by 134.8% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,134 shares of the company’s stock worth $69,000 after buying an additional 651 shares during the last quarter. Legal & General Group Plc bought a new position in shares of ODDITY Tech in the 2nd quarter worth $71,000. SG Americas Securities LLC purchased a new stake in shares of ODDITY Tech during the 1st quarter valued at $104,000. Finally, Headlands Technologies LLC purchased a new stake in shares of ODDITY Tech during the 2nd quarter valued at $108,000. Hedge funds and other institutional investors own 35.88% of the company’s stock.

ODDITY Tech Stock Performance

The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.86 and a current ratio of 4.06. The stock has a market cap of $871.19 million, a PE ratio of 19.15 and a beta of 2.47. The company’s 50-day moving average price is $13.02 and its two-hundred day moving average price is $21.85.

ODDITY Tech (NASDAQ:ODD) last announced its earnings results on Tuesday, June 2nd. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.13). ODDITY Tech had a return on equity of 15.38% and a net margin of 6.97%.The company had revenue of $197.94 million during the quarter, compared to analysts’ expectations of $187.87 million. During the same quarter last year, the firm posted $0.69 earnings per share. The firm’s revenue was down 26.2% on a year-over-year basis. On average, equities research analysts forecast that ODDITY Tech Ltd. will post -0.46 EPS for the current year.

About ODDITY Tech

Oddity Tech Ltd. operates as a consumer tech company that builds digital-first brands for the beauty and wellness industries in the United States and internationally. It serves consumers worldwide through its AI-driven online platform, which uses data science, machine learning, and computer vision capabilities to identify consumer needs, and develop solutions in the form of beauty and wellness products. The company sells beauty, hair, and skin products under the IL MAKIAGE and SpoiledChild brands.