Osisko Development (NYSE:ODV) Shares Down 9.4% – Here’s What Happened

Osisko Development Corp. (NYSE:ODV) shares fell 9.4% during mid-day trading on Friday . The company traded as low as $3.55 and last traded at $3.5050. 745,504 shares traded hands during trading, a decline of 68% from the average session volume of 2,321,300 shares. The stock had previously closed at $3.87.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Osisko Development in a report on Monday, November 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Osisko Development in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Osisko Development currently has an average rating of “Moderate Buy”.

Osisko Development Trading Down 14.1%

The company has a current ratio of 1.31, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The company has a market cap of $848.14 million, a price-to-earnings ratio of -3.00 and a beta of 0.66. The firm has a 50-day moving average price of $3.62 and a 200 day moving average price of $3.18.

Osisko Development (NYSE:ODV) last announced its quarterly earnings data on Friday, November 7th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.12). The company had revenue of $3.20 million during the quarter, compared to analysts’ expectations of $0.36 million. As a group, sell-side analysts forecast that Osisko Development Corp. will post -0.16 EPS for the current year.

Institutional Investors Weigh In On Osisko Development

Several institutional investors and hedge funds have recently bought and sold shares of ODV. Condire Management LP boosted its stake in Osisko Development by 75.0% in the third quarter. Condire Management LP now owns 21,964,844 shares of the company’s stock valued at $74,461,000 after acquiring an additional 9,412,910 shares during the period. Anson Funds Management LP boosted its position in Osisko Development by 82.6% during the 3rd quarter. Anson Funds Management LP now owns 7,150,761 shares of the company’s stock valued at $24,241,000 after purchasing an additional 3,235,008 shares during the period. Franklin Resources Inc. grew its stake in Osisko Development by 100.3% during the 3rd quarter. Franklin Resources Inc. now owns 5,091,948 shares of the company’s stock worth $16,803,000 after buying an additional 2,550,000 shares during the last quarter. Amundi acquired a new stake in Osisko Development in the third quarter worth $16,335,000. Finally, Schroder Investment Management Group bought a new stake in Osisko Development in the third quarter valued at $13,380,000. Institutional investors and hedge funds own 15.16% of the company’s stock.

About Osisko Development

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.