Osisko Development (NYSE:ODV) Stock Price Down 8.2% – Time to Sell?

Shares of Osisko Development Corp. (NYSE:ODV) dropped 8.2% during mid-day trading on Wednesday . The company traded as low as $3.37 and last traded at $3.3150. Approximately 848,757 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 2,730,369 shares. The stock had previously closed at $3.61.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Osisko Development in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy”.

Osisko Development Price Performance

The firm has a market cap of $938.17 million, a P/E ratio of -2.77 and a beta of 0.55. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.31 and a quick ratio of 1.29. The firm’s 50 day moving average is $3.85 and its 200 day moving average is $3.53.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ODV. Arbiter Partners Capital Management LLC grew its stake in shares of Osisko Development by 1,600.0% in the third quarter. Arbiter Partners Capital Management LLC now owns 340,000 shares of the company’s stock worth $1,153,000 after acquiring an additional 320,000 shares during the last quarter. Anson Funds Management LP boosted its stake in Osisko Development by 82.6% in the 3rd quarter. Anson Funds Management LP now owns 7,150,761 shares of the company’s stock worth $24,241,000 after purchasing an additional 3,235,008 shares in the last quarter. Polar Asset Management Partners Inc. purchased a new stake in Osisko Development during the 3rd quarter valued at about $1,641,000. Pekin Hardy Strauss Inc. increased its stake in Osisko Development by 76.8% during the 3rd quarter. Pekin Hardy Strauss Inc. now owns 278,500 shares of the company’s stock valued at $944,000 after purchasing an additional 121,000 shares in the last quarter. Finally, Crown Wealth Group LLC bought a new stake in Osisko Development during the 3rd quarter valued at about $61,000. Hedge funds and other institutional investors own 15.16% of the company’s stock.

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.