Office Depot Sees Large Drop in Short Interest (ODP)
Shares of Office Depot (NYSE:ODP) saw a large decrease in short interest during the month of May. As of May 30th, there was short interest totalling 48,613,650 shares, a decrease of 6.7% from the May 15th total of 52,132,014 shares, American Banking and Market News reports. Based on an average daily volume of 8,808,598 shares, the short-interest ratio is presently 5.5 days. Currently, 9.3% of the company’s stock are short sold.
A number of research firms have recently commented on ODP. Analysts at Zacks upgraded shares of Office Depot from an “underperform” rating to a “neutral” rating in a research note on Tuesday, May 27th. They now have a $5.30 price target on the stock. Separately, analysts at Goldman Sachs upgraded shares of Office Depot from a “neutral” rating to a “buy” rating in a research note on Tuesday, May 27th. They now have a $7.00 price target on the stock, up previously from $5.40. Finally, 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. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $6.26.
Shares of Office Depot (NYSE:ODP) opened at 5.66 on Tuesday. Office Depot has a 52 week low of $3.77 and a 52 week high of $5.85. The stock has a 50-day moving average of $5.25 and a 200-day moving average of $4.87. The company’s market cap is $3.027 billion.
Office Depot (NYSE:ODP) last announced its 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. On average, analysts predict that Office Depot will post $0.15 earnings per share for the current fiscal year.
Office Depot, Inc (NYSE:ODP) is a global supplier of office products and services.