Osisko Development (NYSE:OGG) Reaches New 12-Month High – Still a Buy?

Shares of Osisko Development Corp. (NYSE:OGG) reached a new 52-week high on Wednesday . The stock traded as high as $2.92 and last traded at $2.88, with a volume of 65757 shares traded. The stock had previously closed at $2.70.

Analyst Upgrades and Downgrades

OGG has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Osisko Development in a research report on Friday, July 17th. Stifel Nicolaus raised shares of Osisko Development to a “strong-buy” rating in a research report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

Osisko Development Trading Up 7.8%

The stock has a market capitalization of $889.99 million, a P/E ratio of -24.25 and a beta of 0.62. The company has a current ratio of 2.37, a quick ratio of 2.33 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $2.40 and a two-hundred day moving average price of $3.04.

Institutional Investors Weigh In On Osisko Development

Several institutional investors and hedge funds have recently bought and sold shares of OGG. Condire Management LP increased its holdings in Osisko Development by 5.2% in the 4th 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 period. Amundi lifted its holdings in shares of Osisko Development by 15.0% during the 1st quarter. Amundi now owns 8,050,000 shares of the company’s stock worth $26,162,000 after acquiring an additional 1,050,000 shares during the period. Principal Financial Group Inc. boosted its position in shares of Osisko Development by 18.5% during the 1st quarter. Principal Financial Group Inc. now owns 7,403,436 shares of the company’s stock worth $23,926,000 after acquiring an additional 1,154,800 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Osisko Development by 100.3% during the 3rd quarter. Franklin Resources Inc. now owns 5,091,948 shares of the company’s stock worth $16,803,000 after acquiring an additional 2,550,000 shares in the last quarter. Finally, Sprott Inc. increased its stake in Osisko Development by 1,699.9% in the fourth 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. 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.