ODP (NASDAQ:ODP) Shares Cross Above Two Hundred Day Moving Average – What’s Next?

The ODP Corporation (NASDAQ:ODP) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $23.21 and traded as high as $28.00. ODP shares last traded at $28.00, with a volume of 2,108,600 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ODP shares. UBS Group boosted their target price on shares of ODP from $19.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ODP in a report on Monday, December 8th. Finally, Noble Financial lowered ODP from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, September 23rd. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $28.00.

ODP Stock Performance

The company has a current ratio of 0.91, a quick ratio of 0.45 and a debt-to-equity ratio of 0.17. The stock’s fifty day simple moving average is $27.89 and its 200 day simple moving average is $23.21. The company has a market cap of $843.30 million, a price-to-earnings ratio of -80.00, a P/E/G ratio of 0.62 and a beta of 1.15.

ODP (NASDAQ:ODP) last posted its quarterly earnings results on Wednesday, November 5th. The specialty retailer reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.32. ODP had a positive return on equity of 12.84% and a negative net margin of 0.14%.The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same period in the prior year, the business earned $1.75 earnings per share. The business’s revenue was down 8.7% compared to the same quarter last year. As a group, analysts anticipate that The ODP Corporation will post 3.26 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue acquired a new position in shares of ODP during the 3rd quarter valued at about $31,000. AlphaQuest LLC purchased a new position in ODP during the first quarter worth about $41,000. Parallel Advisors LLC boosted its holdings in ODP by 3,033.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,820 shares of the specialty retailer’s stock valued at $51,000 after purchasing an additional 2,730 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in ODP by 35.9% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,611 shares of the specialty retailer’s stock valued at $65,000 after purchasing an additional 954 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of ODP by 348.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,908 shares of the specialty retailer’s stock valued at $81,000 after buying an additional 2,260 shares during the period. Hedge funds and other institutional investors own 99.56% of the company’s stock.

About ODP

Office Depot, Inc (NASDAQ: ODP) is a leading provider of office products, services and solutions designed to help individuals and businesses improve productivity and efficiency. Headquartered in Boca Raton, Florida, Office Depot operates a network of retail stores under the Office Depot and OfficeMax brands alongside a comprehensive e-commerce platform. The company caters to a diverse customer base that includes home offices, small- and medium-sized businesses, large enterprises, educational institutions and government agencies.

Through its retail and online channels, Office Depot offers a broad portfolio of office essentials such as paper, writing instruments, filing supplies and ink and toner, as well as technology products including computers, tablets, networking equipment and related accessories.