Osisko Development (NYSE:ODV) Shares Gap Up – What’s Next?

Osisko Development Corp. (NYSE:ODV) shares gapped up prior to trading on Monday . The stock had previously closed at $2.60, but opened at $2.86. Osisko Development shares last traded at $2.7950, with a volume of 292,820 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Osisko Development in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy”.

Osisko Development Trading Up 6.0%

The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.33 and a current ratio of 2.37. The firm has a market capitalization of $839.50 million, a price-to-earnings ratio of -5.30 and a beta of 0.59. The company has a 50 day moving average price of $3.05 and a two-hundred day moving average price of $3.46.

Osisko Development (NYSE:ODV) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. The company had revenue of $1.59 million during the quarter, compared to analysts’ expectations of $1.68 million. Osisko Development had a negative net margin of 192.13% and a negative return on equity of 10.46%. On average, research analysts forecast that Osisko Development Corp. will post -0.04 EPS for the current year.

Hedge Funds Weigh In On Osisko Development

Large investors have recently added to or reduced their stakes in the stock. Arbiter Partners Capital Management LLC raised its position in Osisko Development by 1,600.0% during 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 period. Polar Asset Management Partners Inc. acquired a new position in Osisko Development during the third quarter worth $1,641,000. Ruffer LLP acquired a new stake in shares of Osisko Development in the fourth quarter valued at about $2,638,000. Anson Funds Management LP raised its position in shares of Osisko Development by 82.6% in the third quarter. Anson Funds Management LP now owns 7,150,761 shares of the company’s stock valued at $24,241,000 after buying an additional 3,235,008 shares during the last quarter. Finally, Gabelli Funds LLC acquired a new stake in shares of Osisko Development in the fourth quarter valued at about $1,396,000. 15.16% of the stock is currently owned by institutional investors and hedge funds.

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.