ODDITY Tech (NASDAQ:ODD) Shares Up 8% – Here’s Why

ODDITY Tech Ltd. (NASDAQ:ODD) shares were up 8% during mid-day trading on Friday . The company traded as high as $14.18 and last traded at $14.1880. Approximately 349,491 shares traded hands during trading, a decline of 82% from the average session volume of 1,889,429 shares. The stock had previously closed at $13.14.

Wall Street Analyst Weigh In

ODD has been the subject of several recent analyst reports. Morgan Stanley decreased their price target on ODDITY Tech from $16.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 3rd. KeyCorp restated a “sector weight” rating on shares of ODDITY Tech in a report on Wednesday, June 3rd. Truist Financial reduced their target price on shares of ODDITY Tech from $18.00 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, June 3rd. Jefferies Financial Group reissued a “hold” rating and set a $10.25 target price on shares of ODDITY Tech in a research report on Tuesday, June 2nd. Finally, Weiss Ratings lowered ODDITY Tech from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, March 3rd. Nine investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $25.39.

ODDITY Tech Price Performance

The stock has a market cap of $855.64 million, a P/E ratio of 18.81 and a beta of 2.47. The company has a current ratio of 4.06, a quick ratio of 2.86 and a debt-to-equity ratio of 1.96. The company’s fifty day simple moving average is $13.04 and its 200-day simple moving average is $22.42.

ODDITY Tech (NASDAQ:ODD) last released its quarterly earnings data on Tuesday, June 2nd. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.13). The business had revenue of $197.94 million for the quarter, compared to the consensus estimate of $187.87 million. ODDITY Tech had a return on equity of 15.38% and a net margin of 6.97%.ODDITY Tech’s revenue was down 26.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.69 earnings per share. As a group, sell-side analysts forecast that ODDITY Tech Ltd. will post -0.46 EPS for the current year.

Insider Buying and Selling

In other ODDITY Tech news, CFO Mann Lindsay Drucker sold 9,604 shares of ODDITY Tech stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $12.85, for a total transaction of $123,411.40. Following the sale, the chief financial officer directly owned 49,054 shares of the company’s stock, valued at approximately $630,343.90. The trade was a 16.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 28,807 shares of company stock worth $402,428 in the last three months.

Hedge Funds Weigh In On ODDITY Tech

A number of hedge funds have recently modified their holdings of ODD. Citigroup Inc. grew its position in ODDITY Tech by 220.4% in the third quarter. Citigroup Inc. now owns 228,786 shares of the company’s stock valued at $14,253,000 after acquiring an additional 157,374 shares during the period. Bamco Inc. NY lifted its holdings in shares of ODDITY Tech by 11.3% during the third quarter. Bamco Inc. NY now owns 1,376,781 shares of the company’s stock valued at $85,773,000 after acquiring an additional 139,348 shares during the period. Baillie Gifford & Co. lifted its holdings in shares of ODDITY Tech by 17.8% during the fourth quarter. Baillie Gifford & Co. now owns 7,122,641 shares of the company’s stock valued at $286,188,000 after acquiring an additional 1,076,921 shares during the period. Granahan Investment Management LLC boosted its stake in shares of ODDITY Tech by 11.1% in the 3rd quarter. Granahan Investment Management LLC now owns 1,506,457 shares of the company’s stock valued at $93,852,000 after purchasing an additional 151,110 shares in the last quarter. Finally, Peregrine Capital Management LLC boosted its stake in shares of ODDITY Tech by 31.2% in the 4th quarter. Peregrine Capital Management LLC now owns 190,485 shares of the company’s stock valued at $7,654,000 after purchasing an additional 45,253 shares in the last quarter. 35.88% of the stock is owned by institutional investors and hedge funds.

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.