Oatly Group (NASDAQ:OTLY) Shares Gap Up on Earnings Beat

Oatly Group AB (NASDAQ:OTLY)’s share price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $1.00, but opened at $1.04. Oatly Group shares last traded at $1.13, with a volume of 1,700,022 shares.

The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. Oatly Group had a negative return on equity of 36.51% and a negative net margin of 49.19%. The company had revenue of $199.16 million during the quarter, compared to analysts’ expectations of $198.43 million. During the same period in the previous year, the firm posted ($0.13) earnings per share.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Royal Bank of Canada boosted their price target on Oatly Group from $0.63 to $1.05 and gave the stock a “sector perform” rating in a report on Friday, February 16th. DA Davidson assumed coverage on Oatly Group in a report on Friday, March 1st. They issued a “buy” rating and a $1.50 price target for the company. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $1.25 price target on shares of Oatly Group in a report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $2.11.

Hedge Funds Weigh In On Oatly Group

Several institutional investors have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA increased its stake in Oatly Group by 21.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 16,963,225 shares of the company’s stock valued at $15,201,000 after purchasing an additional 2,986,805 shares during the last quarter. BNP Paribas Asset Management Holding S.A. grew its position in Oatly Group by 72.0% during the fourth quarter. BNP Paribas Asset Management Holding S.A. now owns 6,024,369 shares of the company’s stock valued at $7,109,000 after acquiring an additional 2,521,847 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Oatly Group by 56.0% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 3,502,522 shares of the company’s stock valued at $3,139,000 after acquiring an additional 1,257,812 shares during the period. CastleKnight Management LP grew its position in Oatly Group by 430.8% during the fourth quarter. CastleKnight Management LP now owns 1,527,700 shares of the company’s stock valued at $1,803,000 after acquiring an additional 1,239,874 shares during the period. Finally, Green Alpha Advisors LLC grew its position in Oatly Group by 199.1% during the fourth quarter. Green Alpha Advisors LLC now owns 636,937 shares of the company’s stock valued at $752,000 after acquiring an additional 423,971 shares during the period. 68.15% of the stock is currently owned by institutional investors and hedge funds.

Oatly Group Stock Up 1.7 %

The stock has a 50-day simple moving average of $1.04 and a 200-day simple moving average of $1.00. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.71 and a current ratio of 0.83.

About Oatly Group

Oatly Group AB, an oatmilk company, provides a range of plant-based dairy products made from oats in Europe, the Middle East, Africa, the Americas, and Asia. It offers Barista edition oatmilk, oatgurts, frozen desserts, ice-creams, and yogurts; cooking products, including cooking cream, in regular and organic, Crème Fraiche, whipping cream, vanilla custard, and spreads in a variety of flavors; and ready-to-go drinks.