Insider Selling: Office Depot EVP Sells 22,097 Shares of Stock (ODP)
Office Depot (NYSE:ODP) EVP C Elisa D. Garcia unloaded 22,097 shares of the stock on the open market in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $5.01, for a total transaction of $110,705.97. Following the sale, the executive vice president now directly owns 412,043 shares in the company, valued at approximately $2,064,335. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Office Depot (NYSE:ODP) traded up 1.41% on Thursday, hitting $5.04. The stock had a trading volume of 6,570,715 shares. Office Depot has a one year low of $3.77 and a one year high of $5.85. The stock’s 50-day moving average is $4.50 and its 200-day moving average is $4.87. The company’s market cap is $2.695 billion. Office Depot also saw a significant growth in short interest in the month of April. As of April 30th, there was short interest totalling 50,358,229 shares, a growth of 4.7% from the April 15th total of 48,117,381 shares. Approximately 9.6% of the company’s stock are short sold. Based on an average daily trading volume, of 6,955,886 shares, the days-to-cover ratio is presently 7.2 days.
Office Depot (NYSE:ODP) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.07 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.03 by $0.04. The company had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.28 billion. Office Depot’s revenue was up 60.2% compared to the same quarter last year. Analysts expect that Office Depot will post $0.15 EPS for the current fiscal year.
A number of analysts have recently weighed in on ODP shares. Analysts at Credit Suisse upgraded shares of Office Depot from a “neutral” rating to an “outperform” rating in a research note on Wednesday, May 7th. They now have a $7.00 price target on the stock, up previously from $6.13. Separately, analysts at Jefferies Group raised their price target on shares of Office Depot from $5.00 to $5.25 in a research note on Wednesday, May 7th. Finally, analysts at Goldman Sachs initiated coverage on shares of Office Depot in a research note on Monday, May 5th. They set a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $5.92.
Office Depot, Inc (NYSE:ODP) is a global supplier of office products and services.
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