Osisko Development (NYSE:ODV) Trading 4% Higher – Here’s Why

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ODV shares. Stifel Nicolaus raised shares of Osisko Development to a “strong-buy” rating in a research note on Monday, June 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Osisko Development in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy”.

Osisko Development Stock Performance

The firm has a market cap of $747.71 million, a PE ratio of -4.70 and a beta of 0.61. The stock has a 50-day moving average price of $2.73 and a 200 day moving average price of $3.31. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.37 and a quick ratio of 2.33.

Osisko Development (NYSE:ODV) last released its earnings results on Monday, May 11th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.01. The firm had revenue of $1.59 million for the quarter, compared to the consensus estimate of $1.68 million. Osisko Development had a negative return on equity of 10.46% and a negative net margin of 192.13%. Research analysts forecast that Osisko Development Corp. will post -0.04 earnings per share for the current year.

Hedge Funds Weigh In On Osisko Development

A number of hedge funds have recently made changes to their positions in the stock. Kohmann Bosshard Financial Services LLC purchased a new stake in Osisko Development during the fourth quarter valued at about $26,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Osisko Development in the 4th quarter valued at $26,000. Purpose Unlimited Inc. acquired a new position in shares of Osisko Development during the fourth quarter worth about $34,000. Engineers Gate Manager LP purchased a new stake in shares of Osisko Development during the 4th quarter valued at about $36,000. Finally, Norden Group LLC purchased a new position in Osisko Development in the 4th quarter worth approximately $55,000. Institutional investors and hedge funds own 15.16% of the company’s stock.

Osisko Development Company Profile

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.