Osisko Development (NYSE:OGG) Hits New 1-Year High – Time to Buy?

Osisko Development Corp. (NYSE:OGG) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $3.19 and last traded at $3.17, with a volume of 593686 shares. The stock had previously closed at $3.12.

Analysts Set New Price Targets

A number of brokerages have issued reports on OGG. Stifel Nicolaus upgraded shares of Osisko Development to a “strong-buy” rating in a research note on Monday, June 29th. Weiss Ratings raised shares of Osisko Development from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Osisko Development has a consensus rating of “Moderate Buy”.

Osisko Development Stock Performance

The stock has a market capitalization of $972.56 million, a PE ratio of -26.50 and a beta of 0.62. The company has a quick ratio of 3.53, a current ratio of 3.58 and a debt-to-equity ratio of 0.40. The stock has a fifty day moving average of $2.44 and a 200-day moving average of $3.03.

Hedge Funds Weigh In On Osisko Development

Institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. raised its stake in Osisko Development by 18.5% in the first quarter. Principal Financial Group Inc. now owns 7,403,436 shares of the company’s stock valued at $23,926,000 after buying an additional 1,154,800 shares in the last quarter. Gabelli Funds LLC acquired a new position in shares of Osisko Development during the 4th quarter worth about $1,396,000. Vestcor Inc purchased a new position in shares of Osisko Development in the 4th quarter valued at about $6,112,000. Arbiter Partners Capital Management LLC increased its holdings in shares of Osisko Development by 122.6% in the 1st quarter. Arbiter Partners Capital Management LLC now owns 2,087,496 shares of the company’s stock valued at $6,784,000 after acquiring an additional 1,149,642 shares during the last quarter. Finally, Invenomic Capital Management LP acquired a new stake in shares of Osisko Development during the 4th quarter worth about $7,713,000. 15.16% of the stock is owned by institutional investors and hedge funds.

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.