Office Depot Sees Large Growth in Short Interest (ODP)
Office Depot (NYSE:ODP) was the target of a large increase in short interest in the month of April. As of April 30th, there was short interest totalling 50,358,229 shares, an increase of 4.7% from the April 15th total of 48,117,381 shares, ARN reports. Approximately 9.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 6,955,886 shares, the days-to-cover ratio is currently 7.2 days.
In other Office Depot news, Director Cynthia Jamison unloaded 9,488 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $5.50, for a total value of $52,184.00. Following the sale, the director now directly owns 16,461 shares of the company’s stock, valued at approximately $90,536. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
ODP has been the subject of a number of recent research reports. 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 analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $5.92.
Office Depot (NYSE:ODP) opened at 4.97 on Thursday. Office Depot has a 1-year low of $3.77 and a 1-year high of $5.85. The stock’s 50-day moving average is $4.4 and its 200-day moving average is $4.8. The company’s market cap is $2.658 billion.
Office Depot (NYSE:ODP) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the 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. The company’s revenue for the quarter was up 60.2% on a year-over-year basis. Analysts expect that Office Depot will post $0.15 EPS for the current fiscal year.
Office Depot, Inc (NYSE:ODP) is a global supplier of office products and services.
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