UBS Group Forecasts Strong Price Appreciation for ODP (NASDAQ:ODP) Stock

ODP (NASDAQ:ODP) had its price objective boosted by UBS Group from $19.00 to $28.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the specialty retailer’s stock. UBS Group’s target price would suggest a potential upside of 0.45% from the company’s previous close.

ODP has been the subject of several other research reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of ODP in a research note on Wednesday, October 8th. Noble Financial lowered shares of ODP from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, September 23rd. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $28.00.

ODP Stock Down 0.1%

Shares of NASDAQ:ODP traded down $0.02 during trading on Thursday, reaching $27.88. 374,776 shares of the company traded hands, compared to its average volume of 698,747. The firm has a fifty day simple moving average of $25.50 and a 200 day simple moving average of $20.33. The firm has a market cap of $838.59 million, a P/E ratio of 42.24, a price-to-earnings-growth ratio of 0.69 and a beta of 1.43. ODP has a 1-year low of $11.85 and a 1-year high of $28.83. The company has a quick ratio of 0.45, a current ratio of 0.94 and a debt-to-equity ratio of 0.30.

ODP (NASDAQ:ODP) last issued its earnings results on Wednesday, November 5th. The specialty retailer reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.32. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.67 billion. ODP had a net margin of 0.39% and a return on equity of 11.22%. The company’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same quarter last year, the business posted $1.75 EPS. Analysts anticipate that ODP will post 3.26 earnings per share for the current fiscal year.

Institutional Trading of ODP

Hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue bought a new stake in shares of ODP during the third quarter valued at approximately $31,000. Parallel Advisors LLC boosted its position in shares of ODP by 3,033.3% during the second quarter. Parallel Advisors LLC now owns 2,820 shares of the specialty retailer’s stock worth $51,000 after purchasing an additional 2,730 shares in the last quarter. AlphaQuest LLC bought a new position in shares of ODP during the first quarter worth $41,000. Headlands Technologies LLC acquired a new stake in shares of ODP during the first quarter worth $47,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of ODP by 35.9% during the second quarter. Farther Finance Advisors LLC now owns 3,611 shares of the specialty retailer’s stock worth $65,000 after acquiring an additional 954 shares during the period. 99.56% of the stock is owned by institutional investors.

About ODP

The ODP Corporation provides business services and supplies, products, and digital workplace technology solutions for small, medium, and enterprise businesses in the United States, Puerto Rico, and the U.S. Virgin Islands. The company operates through four divisions: ODP Business Solutions, Office Depot, Veyer, and Varis.