Osisko Development (NYSE:ODV) Trading Down 9.4% – Here’s What Happened

Osisko Development Corp. (NYSE:ODV) shares traded down 9.4% on Friday . The company traded as low as $3.55 and last traded at $3.5050. 745,504 shares were traded during mid-day trading, a decline of 68% from the average session volume of 2,321,300 shares. The stock had previously closed at $3.87.

Analyst Ratings Changes

ODV has been the subject of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Osisko Development in a research note on Thursday, January 22nd. Royal Bank Of Canada reissued an “outperform” rating on shares of Osisko Development in a research report on Monday, November 17th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

Osisko Development Stock Performance

The company has a debt-to-equity ratio of 0.25, a current ratio of 1.31 and a quick ratio of 1.29. The company has a 50 day simple moving average of $3.62 and a 200-day simple moving average of $3.19. The stock has a market capitalization of $851.97 million, a P/E ratio of -3.01 and a beta of 0.66.

Osisko Development (NYSE:ODV) last announced its quarterly earnings results on Friday, November 7th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.12). The company had revenue of $3.20 million for the quarter, compared to the consensus estimate of $0.36 million. On average, equities analysts forecast that Osisko Development Corp. will post -0.16 EPS for the current year.

Hedge Funds Weigh In On Osisko Development

A number of institutional investors have recently made changes to their positions in ODV. Pinnacle Wealth Management Group Inc. boosted its stake in Osisko Development by 5.7% in the third quarter. Pinnacle Wealth Management Group Inc. now owns 85,850 shares of the company’s stock worth $291,000 after buying an additional 4,600 shares in the last quarter. SeaBridge Investment Advisors LLC boosted its stake 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 purchasing an additional 6,000 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in shares of Osisko Development during the 4th quarter valued at $26,000. Bruce G. Allen Investments LLC purchased a new position in Osisko Development in the 3rd quarter worth $32,000. Finally, HM Payson & Co. bought a new stake in Osisko Development in the third quarter worth $42,000. Institutional investors own 15.16% of the company’s stock.

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.