Office Depot Given Average Rating of “Hold” by Brokerages (NYSE:ODP)
Office Depot (NYSE:ODP) has earned an average recommendation of “Hold” from the fourteen ratings firms that are presently covering the stock, StockRatingsNetwork.com reports. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $5.83.
Shares of Office Depot (NYSE:ODP) opened at 3.98 on Tuesday. Office Depot has a 1-year low of $3.55 and a 1-year high of $5.85. The stock’s 50-day moving average is $4.47 and its 200-day moving average is $4.99. The company’s market cap is $2.119 billion. Office Depot also saw a large growth in short interest during the month of January. As of March 31st, there was short interest totalling 41,978,479 shares, a growth of 13.4% from the March 14th total of 37,018,471 shares. Based on an average daily trading volume, of 9,310,535 shares, the days-to-cover ratio is presently 4.5 days. Currently, 8.0% of the shares of the stock are short sold.
Office Depot (NYSE:ODP) last released its earnings data on Tuesday, February 25th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by $0.06. The company had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $4.09 billion. On average, analysts predict that Office Depot will post $0.11 earnings per share for the current fiscal year.
ODP has been the subject of a number of recent research reports. Analysts at JPMorgan Chase & Co. downgraded shares of Office Depot from an “overweight” rating to a “neutral” rating in a research note on Friday, March 21st. Separately, analysts at Zacks downgraded shares of Office Depot from a “neutral” rating to an “underperform” rating in a research note on Friday, February 28th. They now have a $4.50 price target on the stock. Finally, analysts at Jefferies Group raised their price target on shares of Office Depot from $4.00 to $5.00 in a research note on Thursday, February 27th. They now have a “hold” rating on the stock.
Office Depot, Inc (NYSE:ODP) is a global supplier of office products and services.
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