Osisko Development (NYSE:ODV) Shares Gap Down – Should You Sell?

Osisko Development Corp. (NYSE:ODV) gapped down before the market opened on Thursday . The stock had previously closed at $2.94, but opened at $2.50. Osisko Development shares last traded at $2.5130, with a volume of 32,487,549 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings restated 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy”.

Osisko Development Price Performance

The company has a market capitalization of $799.89 million, a P/E ratio of -5.09 and a beta of 0.62. The company has a fifty day moving average price of $3.30 and a 200 day moving average price of $3.53. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.37 and a quick ratio of 2.33.

Osisko Development (NYSE:ODV) last posted its earnings results on Monday, May 11th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.02) by $0.01. The company had revenue of $1.59 million during the quarter, compared to analyst estimates of $1.68 million. Osisko Development had a negative return on equity of 10.46% and a negative net margin of 192.13%. On average, sell-side analysts forecast that Osisko Development Corp. will post -0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Osisko Development

Several institutional investors have recently made changes to their positions in ODV. Condire Management LP grew its holdings in shares of Osisko Development by 75.0% during the third quarter. Condire Management LP now owns 21,964,844 shares of the company’s stock valued at $74,461,000 after purchasing an additional 9,412,910 shares during the last quarter. Amundi bought a new position in Osisko Development in the 3rd quarter worth approximately $16,335,000. Sprott Inc. grew its holdings in Osisko Development by 1,699.9% in the 4th quarter. Sprott Inc. now owns 4,560,007 shares of the company’s stock worth $15,482,000 after buying an additional 4,306,666 shares in the last quarter. Schroder Investment Management Group bought a new position in Osisko Development in the 3rd quarter worth approximately $13,380,000. Finally, Anson Funds Management LP grew its holdings in Osisko Development by 1,292.2% in the 1st quarter. Anson Funds Management LP now owns 3,862,208 shares of the company’s stock worth $12,555,000 after buying an additional 3,584,791 shares in the last quarter. 15.16% of the stock is owned by 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.