ODDITY Tech (NASDAQ:ODD) Shares Down 9.2% – Here’s Why

Shares of ODDITY Tech Ltd. (NASDAQ:ODD) were down 9.2% during trading on Tuesday. The company traded as low as $19.64 and last traded at $19.6990. Approximately 446,195 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 1,539,868 shares. The stock had previously closed at $21.70.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ODD shares. JPMorgan Chase & Co. began coverage on shares of ODDITY Tech in a report on Monday, September 21st. They set a “neutral” rating and a $18.00 price objective for the company. Wall Street Zen upgraded shares of ODDITY Tech from a “strong sell” rating to a “sell” rating in a report on Sunday, October 18th. Citigroup reaffirmed a “market perform” rating on shares of ODDITY Tech in a research report on Thursday, September 10th. Needham & Company LLC reiterated a “hold” rating on shares of ODDITY Tech in a research note on Tuesday, September 8th. Finally, Truist Financial boosted their target price on shares of ODDITY Tech from $16.00 to $18.00 and gave the company a “hold” rating in a research note on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $22.35.

ODDITY Tech Stock Down 9.2%

The company’s 50 day moving average price is $19.37 and its two-hundred day moving average price is $17.29. The company has a current ratio of 3.45, a quick ratio of 2.11 and a debt-to-equity ratio of 2.21. The stock has a market cap of $1.13 billion, a P/E ratio of 82.10 and a beta of 2.14.

ODDITY Tech (NASDAQ:ODD) last issued its quarterly earnings results on Wednesday, September 9th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.08. The business had revenue of $180.52 million for the quarter, compared to analysts’ expectations of $178.23 million. ODDITY Tech had a net margin of 2.23% and a return on equity of 2.58%. The company’s revenue was down 24.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.92 EPS. Equities analysts forecast that ODDITY Tech Ltd. will post -0.25 earnings per share for the current year.

Insider Buying and Selling

In other ODDITY Tech news, CFO Mann Drucker sold 7,717 shares of ODDITY Tech stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $15.09, for a total transaction of $116,449.53. Following the transaction, the chief financial officer owned 116,135 shares of the company’s stock, valued at $1,752,477.15. The trade was a 6.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 51,379 shares of company stock worth $765,474.

Institutional Trading of ODDITY Tech

A number of hedge funds and other institutional investors have recently modified their holdings of ODD. Jefferies Financial Group Inc. purchased a new stake in shares of ODDITY Tech during the third quarter worth about $575,000. Conestoga Capital Advisors LLC lifted its holdings in ODDITY Tech by 14.7% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 111,970 shares of the company’s stock worth $2,089,000 after purchasing an additional 14,350 shares in the last quarter. Pinnacle Wealth Planning Services Inc. lifted its holdings in ODDITY Tech by 38.3% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 4,125 shares of the company’s stock worth $77,000 after purchasing an additional 1,142 shares in the last quarter. Sigma Planning Corp boosted its stake in ODDITY Tech by 16.7% in the 3rd quarter. Sigma Planning Corp now owns 16,940 shares of the company’s stock worth $316,000 after purchasing an additional 2,430 shares during the period. Finally, Signaturefd LLC boosted its stake in ODDITY Tech by 72.0% in the 3rd quarter. Signaturefd LLC now owns 9,814 shares of the company’s stock worth $183,000 after purchasing an additional 4,109 shares during the period. 35.88% of the stock is owned by hedge funds and other institutional investors.

About ODDITY Tech

ODDITY Tech Ltd. is a technology-driven consumer company that develops and operates digital-first beauty and wellness brands. Its portfolio includes IL MAKIAGE, which offers makeup and skincare products, and SpoiledChild, which focuses on beauty and wellness products. The company uses data analytics, artificial intelligence and other technology to support product development, personalized recommendations and online shopping. Its brands primarily sell directly to consumers through e-commerce platforms.