Osisko Development (NYSE:ODV) Stock Price Up 5.9% Following Strong Earnings

Osisko Development Corp. (NYSE:ODV) shares traded up 5.9% on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $3.15 and last traded at $3.1040. 885,530 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 2,882,156 shares. The stock had previously closed at $2.93.

The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.07. The company had revenue of $2.19 million during the quarter, compared to analysts’ expectations of $2.19 million.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Osisko Development in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Osisko Development presently has an average rating of “Moderate Buy”.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ODV. Condire Management LP boosted its position in shares of Osisko Development by 5.2% during the fourth quarter. Condire Management LP now owns 23,112,036 shares of the company’s stock valued at $80,661,000 after buying an additional 1,147,192 shares during the last quarter. Anson Funds Management LP raised its position in Osisko Development by 82.6% in the 3rd quarter. Anson Funds Management LP now owns 7,150,761 shares of the company’s stock worth $24,241,000 after buying an additional 3,235,008 shares during the last quarter. Amundi lifted its stake in Osisko Development by 55.6% during the 4th quarter. Amundi now owns 7,000,000 shares of the company’s stock valued at $24,430,000 after acquiring an additional 2,500,000 shares during the period. Franklin Resources Inc. lifted its stake in Osisko Development by 100.3% during the 3rd quarter. Franklin Resources Inc. now owns 5,091,948 shares of the company’s stock valued at $16,803,000 after acquiring an additional 2,550,000 shares during the period. Finally, Sprott Inc. boosted its holdings in shares of Osisko Development by 1,699.9% during the 4th quarter. Sprott Inc. now owns 4,560,007 shares of the company’s stock valued at $15,482,000 after acquiring an additional 4,306,666 shares during the last quarter. Hedge funds and other institutional investors own 15.16% of the company’s stock.

Osisko Development Stock Performance

The business’s fifty day moving average price is $3.75 and its 200-day moving average price is $3.54. The stock has a market cap of $988.43 million, a PE ratio of -3.82 and a beta of 0.55. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.31.

Osisko Development Company Profile

Osisko Development Corp. is a Canadian mineral exploration and development company focused on advancing a portfolio of high-quality precious and base metal projects in stable jurisdictions. The company’s strategy centers on the acquisition, exploration, and development of gold, zinc and lead deposits that offer the potential for scalable, long-life operations. Headquartered in Montreal, Quebec, Osisko Development operates primarily across Western Canada.

The company’s flagship asset is the Cariboo gold project in central British Columbia, where it is engaged in step-out drilling, resource definition and permitting activities aimed at building a robust mineral inventory.