ODDITY Tech (NASDAQ:ODD) Shares Down 6.2% – Here’s What Happened

Shares of ODDITY Tech Ltd. (NASDAQ:ODD) dropped 6.2% during trading on Tuesday . The company traded as low as $12.92 and last traded at $13.1210. Approximately 567,740 shares traded hands during trading, a decline of 76% from the average daily volume of 2,364,410 shares. The stock had previously closed at $13.99.

Wall Street Analysts Forecast Growth

ODD has been the subject of several research reports. Evercore cut ODDITY Tech from an “outperform” rating to an “in-line” rating and set a $23.00 price target for the company. in a report on Thursday, February 26th. Citizens Jmp cut shares of ODDITY Tech from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 25th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $20.00 price target on shares of ODDITY Tech in a research report on Wednesday, February 25th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $16.00 price target (down from $59.00) on shares of ODDITY Tech in a research note on Thursday, February 26th. Finally, Wall Street Zen lowered ODDITY Tech from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. One investment analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, ODDITY Tech has a consensus rating of “Reduce” and a consensus price target of $31.73.

ODDITY Tech Stock Performance

The stock has a fifty day simple moving average of $29.93 and a two-hundred day simple moving average of $43.06. The company has a debt-to-equity ratio of 1.47, a quick ratio of 4.06 and a current ratio of 5.24. The stock has a market cap of $703.46 million, a price-to-earnings ratio of 7.01, a P/E/G ratio of 1.86 and a beta of 3.55.

ODDITY Tech (NASDAQ:ODD) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The business had revenue of $152.73 million during the quarter, compared to the consensus estimate of $151.11 million. ODDITY Tech had a return on equity of 29.84% and a net margin of 13.68%.ODDITY Tech’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.20 EPS. Analysts expect that ODDITY Tech Ltd. will post 1.62 EPS for the current fiscal year.

Hedge Funds Weigh In On ODDITY Tech

A number of hedge funds have recently modified their holdings of ODD. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in ODDITY Tech by 16.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 76,117 shares of the company’s stock valued at $3,293,000 after purchasing an additional 10,582 shares during the period. Envestnet Asset Management Inc. acquired a new stake in ODDITY Tech during the 2nd quarter valued at approximately $712,000. Assetmark Inc. bought a new position in ODDITY Tech during the 2nd quarter worth approximately $54,000. Sigma Planning Corp acquired a new position in shares of ODDITY Tech in the 2nd quarter worth approximately $372,000. Finally, Bank of Montreal Can acquired a new stake in shares of ODDITY Tech during the second quarter worth $533,000. Institutional investors and hedge funds own 35.88% of the company’s stock.

About ODDITY Tech

Oddity Tech Ltd. operates as a consumer tech company that builds digital-first brands for the beauty and wellness industries in the United States and internationally. It serves consumers worldwide through its AI-driven online platform, which uses data science, machine learning, and computer vision capabilities to identify consumer needs, and develop solutions in the form of beauty and wellness products. The company sells beauty, hair, and skin products under the IL MAKIAGE and SpoiledChild brands.