Osisko Development (NYSE:ODV) Trading Down 8.2% – Here’s What Happened

Shares of Osisko Development Corp. (NYSE:ODV) fell 8.2% during trading on Wednesday . The stock traded as low as $3.37 and last traded at $3.3150. 848,757 shares were traded during trading, a decline of 69% from the average session volume of 2,730,369 shares. The stock had previously closed at $3.61.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Osisko Development in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy”.

Osisko Development Stock Down 8.2%

The company has a current ratio of 1.31, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -2.99 and a beta of 0.55. The firm’s 50 day simple moving average is $3.86 and its two-hundred day simple moving average is $3.53.

Hedge Funds Weigh In On Osisko Development

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ODV. Condire Management LP lifted its position in Osisko Development by 75.0% during the third quarter. Condire Management LP now owns 21,964,844 shares of the company’s stock worth $74,461,000 after purchasing an additional 9,412,910 shares during the period. Amundi bought a new position in Osisko Development in the 3rd quarter valued at about $16,335,000. Sprott Inc. raised its position in shares of Osisko Development by 1,699.9% in the 4th quarter. Sprott Inc. now owns 4,560,007 shares of the company’s stock valued at $15,482,000 after buying an additional 4,306,666 shares in the last quarter. Schroder Investment Management Group bought a new stake in shares of Osisko Development during the 3rd quarter worth approximately $13,380,000. Finally, Anson Funds Management LP lifted its holdings in shares of Osisko Development by 82.6% during the 3rd quarter. Anson Funds Management LP now owns 7,150,761 shares of the company’s stock worth $24,241,000 after acquiring an additional 3,235,008 shares during the period. 15.16% of the stock is owned by institutional investors and hedge funds.

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.