ODDITY Tech (NASDAQ:ODD) Trading Down 6.5% Following Analyst Downgrade

ODDITY Tech Ltd. (NASDAQ:ODD) shares traded down 6.5% on Monday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $13.59 and last traded at $13.8960. Approximately 338,081 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 1,932,436 shares. The stock had previously closed at $14.86.

ODD has been the subject of a number of other reports. Truist Financial dropped their price target on ODDITY Tech from $18.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, June 3rd. KeyCorp reiterated a “sector weight” rating on shares of ODDITY Tech in a research report on Wednesday, June 3rd. Wall Street Zen lowered ODDITY Tech from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 18th. Morgan Stanley dropped their target price on ODDITY Tech from $16.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, June 3rd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of ODDITY Tech in a research note on Tuesday, June 2nd. Eight analysts have rated the stock with a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $25.39.

Insider Transactions at ODDITY Tech

In other ODDITY Tech news, CFO Mann Lindsay Drucker sold 9,603 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $13.44, for a total transaction of $129,064.32. Following the completion of the sale, the chief financial officer owned 77,709 shares of the company’s stock, valued at $1,044,408.96. This trade represents a 11.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Baillie Gifford & Co. lifted its stake in ODDITY Tech by 17.8% during the 4th quarter. Baillie Gifford & Co. now owns 7,122,641 shares of the company’s stock worth $286,188,000 after acquiring an additional 1,076,921 shares in the last quarter. Morgan Stanley increased its stake in ODDITY Tech by 13.9% during the fourth quarter. Morgan Stanley now owns 4,305,565 shares of the company’s stock worth $172,998,000 after purchasing an additional 525,481 shares during the period. Janus Henderson Group PLC lifted its position in shares of ODDITY Tech by 115.0% during the fourth quarter. Janus Henderson Group PLC now owns 2,423,917 shares of the company’s stock worth $97,379,000 after purchasing an additional 1,296,551 shares in the last quarter. Granahan Investment Management LLC lifted its position in shares of ODDITY Tech by 1.1% during the fourth quarter. Granahan Investment Management LLC now owns 1,523,204 shares of the company’s stock worth $61,202,000 after purchasing an additional 16,747 shares in the last quarter. Finally, Bamco Inc. NY boosted its stake in shares of ODDITY Tech by 11.3% in the third quarter. Bamco Inc. NY now owns 1,376,781 shares of the company’s stock valued at $85,773,000 after purchasing an additional 139,348 shares during the period. 35.88% of the stock is currently owned by hedge funds and other institutional investors.

ODDITY Tech Trading Up 5.9%

The company has a debt-to-equity ratio of 1.96, a current ratio of 4.06 and a quick ratio of 2.86. The firm has a market cap of $871.19 million, a PE ratio of 19.15 and a beta of 2.47. The company’s 50 day moving average price is $13.02 and its 200 day moving average price is $21.85.

ODDITY Tech (NASDAQ:ODD) last announced its earnings results on Tuesday, June 2nd. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.13). ODDITY Tech had a return on equity of 15.38% and a net margin of 6.97%.The business had revenue of $197.94 million for the quarter, compared to analysts’ expectations of $187.87 million. During the same period in the previous year, the company earned $0.69 earnings per share. ODDITY Tech’s quarterly revenue was down 26.2% on a year-over-year basis. As a group, analysts forecast that ODDITY Tech Ltd. will post -0.46 EPS for the current fiscal year.

ODDITY Tech Company Profile

Oddity Tech Ltd. operates as a consumer tech company that builds digital-first brands for the beauty and wellness industries in the United States and internationally. It serves consumers worldwide through its AI-driven online platform, which uses data science, machine learning, and computer vision capabilities to identify consumer needs, and develop solutions in the form of beauty and wellness products. The company sells beauty, hair, and skin products under the IL MAKIAGE and SpoiledChild brands.