Osisko Development (NYSE:ODV) Shares Gap Down – Here’s Why

Osisko Development Corp. (NYSE:ODV)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $3.33, but opened at $3.08. Osisko Development shares last traded at $3.2590, with a volume of 67,523 shares changing hands.

Analysts Set New Price Targets

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

Osisko Development Price Performance

The stock has a 50 day moving average price of $3.75 and a two-hundred day moving average price of $3.54. The firm has a market cap of $1.01 billion, a PE ratio of -3.91 and a beta of 0.76. The company has a quick ratio of 1.29, a current ratio of 1.31 and a debt-to-equity ratio of 0.25.

Osisko Development (NYSE:ODV) last posted its quarterly earnings results on Friday, March 27th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.07. The business had revenue of $2.19 million for the quarter, compared to analysts’ expectations of $2.19 million. As a group, equities analysts expect that Osisko Development Corp. will post -0.16 earnings per share for the current year.

Institutional Trading of Osisko Development

Several large investors have recently added to or reduced their stakes in ODV. Pinnacle Wealth Management Group Inc. lifted its stake in shares of Osisko Development by 5.7% in the 3rd quarter. Pinnacle Wealth Management Group Inc. now owns 85,850 shares of the company’s stock valued at $291,000 after purchasing an additional 4,600 shares during the last quarter. Gamco Investors INC. ET AL lifted its stake in Osisko Development by 11.5% during the fourth quarter. Gamco Investors INC. ET AL now owns 52,200 shares of the company’s stock worth $182,000 after purchasing an additional 5,400 shares in the last quarter. Federation des caisses Desjardins du Quebec grew its stake in shares of Osisko Development by 3.8% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 164,640 shares of the company’s stock valued at $558,000 after buying an additional 5,985 shares in the last quarter. SeaBridge Investment Advisors LLC raised its holdings in shares of Osisko Development by 50.0% in the 4th quarter. SeaBridge Investment Advisors LLC now owns 18,000 shares of the company’s stock valued at $63,000 after buying an additional 6,000 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Osisko Development during the 4th quarter worth about $26,000. 15.16% of the stock is currently owned by hedge funds and other institutional investors.

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.