ODDITY Tech (NASDAQ:ODD) Price Target Lowered to $10.00 at Morgan Stanley

ODDITY Tech (NASDAQ:ODD) had its target price decreased by Morgan Stanley from $16.00 to $10.00 in a report released on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other brokerages have also recently issued reports on ODD. Truist Financial reduced their price objective on shares of ODDITY Tech from $18.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday. Weiss Ratings cut shares of ODDITY Tech from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, March 3rd. Wall Street Zen cut shares of ODDITY Tech from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 18th. The Goldman Sachs Group reiterated a “sell” rating and issued a $8.00 target price (down from $16.00) on shares of ODDITY Tech in a report on Wednesday. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $10.25 target price on shares of ODDITY Tech in a report on Tuesday. Nine investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, ODDITY Tech has a consensus rating of “Reduce” and a consensus target price of $25.39.

ODDITY Tech Price Performance

Shares of ODD stock opened at $10.25 on Wednesday. ODDITY Tech has a 52-week low of $9.25 and a 52-week high of $78.28. The stock has a market cap of $590.20 million, a PE ratio of 12.97, a PEG ratio of 1.29 and a beta of 2.47. The company has a debt-to-equity ratio of 1.47, a quick ratio of 4.06 and a current ratio of 5.24. The firm’s 50 day moving average price is $13.81 and its two-hundred day moving average price is $25.81.

ODDITY Tech (NASDAQ:ODD) last announced its quarterly earnings data on Tuesday, June 2nd. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.13). ODDITY Tech had a net margin of 6.97% and a return on equity of 14.59%. The business had revenue of $197.94 million during the quarter, compared to the consensus estimate of $187.87 million. During the same period in the previous year, the business posted $0.69 earnings per share. ODDITY Tech’s revenue was down 26.2% compared to the same quarter last year. As a group, analysts forecast that ODDITY Tech will post 0.64 EPS for the current year.

Insider Activity at ODDITY Tech

In related news, CFO Mann Lindsay Drucker sold 9,603 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $13.44, for a total transaction of $129,064.32. Following the sale, the chief financial officer directly owned 77,709 shares in the company, valued at $1,044,408.96. This trade represents a 11.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 28,807 shares of company stock worth $402,428 in the last quarter.

Institutional Investors Weigh In On ODDITY Tech

A number of hedge funds and other institutional investors have recently made changes to their positions in ODD. Wexford Capital LP acquired a new stake in shares of ODDITY Tech during the third quarter worth $40,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of ODDITY Tech by 134.8% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,134 shares of the company’s stock worth $69,000 after acquiring an additional 651 shares during the period. Legal & General Group Plc acquired a new stake in shares of ODDITY Tech during the second quarter worth $71,000. Quaker Wealth Management LLC raised its holdings in shares of ODDITY Tech by 530.3% during the third quarter. Quaker Wealth Management LLC now owns 1,664 shares of the company’s stock worth $104,000 after acquiring an additional 1,400 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in shares of ODDITY Tech during the first quarter worth $104,000. 35.88% of the stock is currently owned by institutional investors and hedge funds.

ODDITY Tech News Summary

Here are the key news stories impacting ODDITY Tech this week:

• Negative Sentiment: Goldman Sachs reaffirmed its sell rating and cut its price target on ODDITY Tech to $8 from $16, signaling meaningful downside from current levels. Benzinga
• Negative Sentiment: Morgan Stanley lowered its target to $10 from $16 and moved to equal weight, reinforcing the view that the stock may be fairly valued at best after the earnings reset. Benzinga
• Negative Sentiment: Truist cut its price target to $12 from $18, keeping a hold rating as analysts continue to trim expectations following the quarter. Benzinga

About ODDITY Tech

Oddity Tech Ltd. operates as a consumer tech company that builds digital-first brands for the beauty and wellness industries in the United States and internationally. It serves consumers worldwide through its AI-driven online platform, which uses data science, machine learning, and computer vision capabilities to identify consumer needs, and develop solutions in the form of beauty and wellness products. The company sells beauty, hair, and skin products under the IL MAKIAGE and SpoiledChild brands.