ODDITY Tech (NASDAQ:ODD) Stock Price Down 7.6% – Here’s What Happened

ODDITY Tech Ltd. (NASDAQ:ODD) fell 7.6% during trading on Thursday . The stock traded as low as $15.19 and last traded at $15.1370. 124,235 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 1,814,387 shares. The stock had previously closed at $16.38.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ODD. Barclays reduced their price objective on shares of ODDITY Tech from $13.00 to $8.00 and set an “underweight” rating for the company in a research note on Wednesday, June 3rd. Zacks Research lowered ODDITY Tech from a “hold” rating to a “strong sell” rating in a research note on Monday, June 29th. Needham & Company LLC reiterated a “hold” rating on shares of ODDITY Tech in a research note on Tuesday, June 2nd. Wall Street Zen lowered shares of ODDITY Tech from a “sell” rating to a “strong sell” rating in a report on Saturday, April 18th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of ODDITY Tech in a report on Wednesday, June 3rd. Eight investment analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, ODDITY Tech presently has a consensus rating of “Reduce” and a consensus target price of $25.39.

ODDITY Tech Trading Down 5.2%

The company’s fifty day moving average price is $13.69 and its two-hundred day moving average price is $19.03. The company has a quick ratio of 2.86, a current ratio of 4.06 and a debt-to-equity ratio of 1.96. The company has a market cap of $894.22 million, a price-to-earnings ratio of 19.70 and a beta of 2.37.

ODDITY Tech (NASDAQ:ODD) last posted its quarterly earnings data on Tuesday, June 2nd. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.13). The company had revenue of $197.94 million during the quarter, compared to analyst estimates of $187.87 million. ODDITY Tech had a net margin of 6.97% and a return on equity of 15.38%. The company’s revenue was down 26.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.69 EPS. Research analysts expect that ODDITY Tech Ltd. will post -0.55 earnings per share for the current year.

Insider Buying and Selling at ODDITY Tech

In other news, CFO Mann Lindsay Drucker sold 109,602 shares of the firm’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $15.09, for a total value of $1,653,894.18. Following the transaction, the chief financial officer directly owned 77,709 shares in the company, valued at $1,172,628.81. This trade represents a 58.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 128,805 shares of company stock valued at $1,932,910.

Institutional Trading of ODDITY Tech

A number of hedge funds have recently modified their holdings of the company. Avidity Partners Management LP bought a new position in ODDITY Tech during the 1st quarter worth approximately $937,000. Segall Bryant & Hamill LLC acquired a new stake in ODDITY Tech in the first quarter worth $488,000. Amundi lifted its holdings in ODDITY Tech by 17.8% during the first quarter. Amundi now owns 434,945 shares of the company’s stock worth $5,820,000 after acquiring an additional 65,647 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of ODDITY Tech in the first quarter valued at approximately $1,275,000. Finally, OMERS ADMINISTRATION Corp bought a new position in shares of ODDITY Tech during the first quarter worth about $405,000. 35.88% of the stock is currently owned by institutional investors and hedge funds.

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.