Osisko Development (NYSE:ODV) Trading 5.9% Higher on Better-Than-Expected Earnings

Osisko Development Corp. (NYSE:ODV)’s stock price traded up 5.9% during mid-day trading on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $3.15 and last traded at $3.1040. 885,530 shares changed hands during trading, a decline of 69% from the average session volume of 2,882,156 shares. The stock had previously closed at $2.93.

The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.07. The firm had revenue of $2.19 million for the quarter, compared to analysts’ expectations of $2.19 million.

Wall Street Analyst Weigh In

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

Institutional Trading of Osisko Development

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

Osisko Development Price Performance

The stock has a market cap of $945.77 million, a P/E ratio of -3.65 and a beta of 0.55. The company has a quick ratio of 1.29, a current ratio of 1.31 and a debt-to-equity ratio of 0.25. The business’s 50-day simple moving average is $3.77 and its two-hundred day simple moving average is $3.54.

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.