Osisko Development (NYSE:ODV) Shares Gap Up – Here’s What Happened

Osisko Development Corp. (NYSE:ODV)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $3.38, but opened at $3.68. Osisko Development shares last traded at $3.4750, with a volume of 389,479 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ODV. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Osisko Development in a research report on Monday, November 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Osisko Development in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

Osisko Development Trading Up 4.3%

The stock’s fifty day simple moving average is $3.63 and its 200-day simple moving average is $3.20. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.31 and a quick ratio of 1.29. The firm has a market cap of $899.67 million, a PE ratio of -3.17 and a beta of 0.66.

Osisko Development (NYSE:ODV) last posted its earnings results on Friday, November 7th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.12). The company had revenue of $3.20 million for the quarter, compared to the consensus estimate of $0.36 million. On average, sell-side analysts forecast that Osisko Development Corp. will post -0.16 earnings per share for the current year.

Institutional Trading of Osisko Development

A number of hedge funds have recently added to or reduced their stakes in ODV. Pinnacle Wealth Management Group Inc. raised its holdings in Osisko Development by 5.7% in the 3rd quarter. Pinnacle Wealth Management Group Inc. now owns 85,850 shares of the company’s stock worth $291,000 after purchasing an additional 4,600 shares during the period. SeaBridge Investment Advisors LLC lifted its position in shares of Osisko Development by 50.0% during the 4th quarter. SeaBridge Investment Advisors LLC now owns 18,000 shares of the company’s stock valued at $63,000 after buying an additional 6,000 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in Osisko Development in the 4th quarter worth about $26,000. Bruce G. Allen Investments LLC purchased a new position in Osisko Development in the third quarter worth approximately $32,000. Finally, HM Payson & Co. purchased a new stake in shares of Osisko Development in the 3rd quarter valued at approximately $42,000. 15.16% of the stock is owned by hedge funds and other institutional investors.

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.