Osisko Development (NYSE:OGG) Reaches New 1-Year High – Should You Buy?

Osisko Development Corp. (NYSE:OGG)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $3.19 and last traded at $3.17, with a volume of 593686 shares trading hands. The stock had previously closed at $3.12.

Wall Street Analyst Weigh In

Several analysts have issued reports on OGG shares. Stifel Nicolaus upgraded shares of Osisko Development to a “strong-buy” rating in a research note on Monday, June 29th. Weiss Ratings raised shares of Osisko Development from a “sell (d-)” rating to a “sell (d+)” rating in a report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy”.

Osisko Development Price Performance

The company has a market capitalization of $951.16 million, a PE ratio of -25.92 and a beta of 0.62. The company has a quick ratio of 3.53, a current ratio of 3.58 and a debt-to-equity ratio of 0.40. The firm’s 50-day moving average is $2.46 and its 200-day moving average is $3.03.

Hedge Funds Weigh In On Osisko Development

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of Osisko Development during the 4th quarter valued at about $26,000. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Osisko Development in the fourth quarter worth about $26,000. Purpose Unlimited Inc. bought a new stake in shares of Osisko Development in the 4th quarter valued at about $34,000. Engineers Gate Manager LP purchased a new position in Osisko Development in the 4th quarter worth approximately $36,000. Finally, Squarepoint Ops LLC bought a new stake in Osisko Development in the third quarter valued at approximately $57,000. 15.16% of the stock is currently owned by hedge funds and other institutional investors.

Osisko Development Company Profile

Osisko Development Corp. is a Canadian mineral exploration and development company focused on advancing a portfolio of high-quality precious and base metal projects in stable jurisdictions. The company’s strategy centers on the acquisition, exploration, and development of gold, zinc and lead deposits that offer the potential for scalable, long-life operations. Headquartered in Montreal, Quebec, Osisko Development operates primarily across Western Canada.

The company’s flagship asset is the Cariboo gold project in central British Columbia, where it is engaged in step-out drilling, resource definition and permitting activities aimed at building a robust mineral inventory.