Oddity Tech (NASDAQ:ODD) Shares Down 2.6% – Here’s What Happened

Shares of Oddity Tech Ltd. (NASDAQ:ODD) dropped 2.6% during trading on Thursday . The company traded as low as $43.27 and last traded at $43.51. Approximately 145,535 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 644,259 shares. The stock had previously closed at $44.67.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. The Goldman Sachs Group started coverage on shares of Oddity Tech in a research note on Friday, December 13th. They issued a “neutral” rating and a $48.00 target price on the stock. Morgan Stanley lifted their price objective on Oddity Tech from $46.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 12th. Finally, Barclays upped their target price on Oddity Tech from $39.00 to $42.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.00.

Oddity Tech Stock Performance

The stock has a market cap of $2.48 billion, a PE ratio of 26.56, a price-to-earnings-growth ratio of 1.49 and a beta of 4.45. The company’s 50-day moving average price is $43.86 and its 200 day moving average price is $40.68.

Oddity Tech (NASDAQ:ODD) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.10. The business had revenue of $119.00 million during the quarter, compared to analysts’ expectations of $116.47 million. Oddity Tech had a return on equity of 29.02% and a net margin of 16.32%. The company’s revenue was up 26.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.06 EPS. As a group, equities research analysts predict that Oddity Tech Ltd. will post 1.64 earnings per share for the current fiscal year.

Institutional Trading of Oddity Tech

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hood River Capital Management LLC purchased a new position in shares of Oddity Tech during the second quarter worth $23,397,000. Wellington Management Group LLP purchased a new position in Oddity Tech during the 3rd quarter valued at about $12,085,000. Cubist Systematic Strategies LLC acquired a new position in Oddity Tech in the 2nd quarter valued at about $6,744,000. Bank of New York Mellon Corp increased its stake in Oddity Tech by 1,303.8% during the second quarter. Bank of New York Mellon Corp now owns 145,196 shares of the company’s stock worth $5,700,000 after purchasing an additional 134,853 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in shares of Oddity Tech during the second quarter worth about $3,722,000. Hedge funds and other institutional investors own 35.88% of the company’s stock.

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.