Osisko Development (NYSE:ODV) Stock Price Up 4% – Still a Buy?

Osisko Development Corp. (NYSE:ODV)’s share price traded up 4% on Thursday . The company traded as high as $2.48 and last traded at $2.4750. Approximately 1,743,302 shares changed hands during trading, a decline of 29% from the average session volume of 2,448,682 shares. The stock had previously closed at $2.38.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ODV shares. Weiss Ratings restated a “sell (d-)” rating on shares of Osisko Development in a report on Tuesday, April 21st. Stifel Nicolaus upgraded Osisko Development to a “strong-buy” rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Osisko Development Trading Up 4.0%

The company has a quick ratio of 2.33, a current ratio of 2.37 and a debt-to-equity ratio of 0.15. The firm’s fifty day moving average is $2.74 and its two-hundred day moving average is $3.31. The firm has a market cap of $756.88 million, a P/E ratio of -4.76 and a beta of 0.61.

Osisko Development (NYSE:ODV) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. Osisko Development had a negative net margin of 192.13% and a negative return on equity of 10.46%. The business had revenue of $1.59 million during the quarter, compared to analyst estimates of $1.68 million. Analysts predict that Osisko Development Corp. will post -0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Osisko Development

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Polar Asset Management Partners Inc. bought a new position in Osisko Development in the third quarter worth about $1,641,000. Ruffer LLP bought a new stake in Osisko Development during the 4th quarter valued at approximately $2,638,000. Anson Funds Management LP boosted its position in Osisko Development by 82.6% during the 3rd quarter. Anson Funds Management LP now owns 7,150,761 shares of the company’s stock valued at $24,241,000 after acquiring an additional 3,235,008 shares in the last quarter. Gabelli Funds LLC purchased a new position in shares of Osisko Development during the 4th quarter worth approximately $1,396,000. Finally, Invenomic Capital Management LP purchased a new position in shares of Osisko Development during the 4th quarter worth approximately $7,713,000. Hedge funds and other institutional investors own 15.16% of the company’s stock.

About Osisko Development

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.