Osisko Development (NYSE:OGG) Shares Down 5.1% After Earnings Miss

Osisko Development Corp. (NYSE:OGG) dropped 5.1% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $2.40 and last traded at $2.41. Approximately 1,059,875 shares were traded during mid-day trading, a decline of 42% from the average session volume of 1,837,484 shares. The stock had previously closed at $2.54.

The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Osisko Development had a net margin of 241.05% and a return on equity of 13.99%. The company had revenue of $13.83 million during the quarter.

Analyst Upgrades and Downgrades

OGG has been the topic of a number of research analyst reports. Zacks Research downgraded Osisko Development from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. Weiss Ratings raised Osisko Development from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

Institutional Investors Weigh In On Osisko Development

Hedge funds and other institutional investors have recently made changes to their positions in the business. Gamco Investors INC. ET AL increased its holdings in Osisko Development by 18.1% during the 1st quarter. Gamco Investors INC. ET AL now owns 61,630 shares of the company’s stock worth $200,000 after purchasing an additional 9,430 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in Osisko Development during the second quarter valued at $37,000. Murphy Pohlad Asset Management LLC purchased a new stake in Osisko Development during the second quarter valued at about $39,000. Susquehanna Advisors Group Inc. purchased a new stake in shares of Osisko Development during the 2nd quarter valued at approximately $74,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Osisko Development during the first quarter worth $156,000. 15.16% of the stock is owned by institutional investors.

Osisko Development Price Performance

The business has a fifty day moving average of $2.64 and a 200-day moving average of $2.95. The company has a current ratio of 3.58, a quick ratio of 3.53 and a debt-to-equity ratio of 0.40. The firm has a market cap of $639.53 million and a PE ratio of 7.16.

Osisko Development Company Profile

Osisko Development is a gold-focused mineral exploration and development company. It advances projects from exploration and resource evaluation toward potential mine development, with assets in Canada, the United States and Mexico. The company’s flagship asset is the Cariboo Gold Project in central British Columbia, where it is working to develop a gold mine. Its other principal projects include the San Antonio Gold Project in Sonora, Mexico, and the Tintic Project in Utah, which provide additional opportunities for exploration and development.