Osisko Development (NYSE:ODV) Shares Gap Down – Should You Sell?

Osisko Development Corp. (NYSE:ODV)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $2.94, but opened at $2.50. Osisko Development shares last traded at $2.5130, with a volume of 32,487,549 shares.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Osisko Development in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

Osisko Development Stock Down 1.6%

The stock has a market capitalization of $818.17 million, a P/E ratio of -5.16 and a beta of 0.62. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.37 and a quick ratio of 2.33. The stock’s fifty day moving average is $3.24 and its two-hundred day moving average is $3.52.

Osisko Development (NYSE:ODV) last issued its earnings results on Monday, May 11th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. The firm had revenue of $1.59 million during the quarter, compared to analysts’ expectations of $1.68 million. Osisko Development had a negative net margin of 192.13% and a negative return on equity of 10.46%. As a group, research analysts predict that Osisko Development Corp. will post -0.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Osisko Development

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Groupe la Francaise boosted its stake in Osisko Development by 57.1% in the 1st quarter. Groupe la Francaise now owns 2,200,000 shares of the company’s stock worth $7,109,000 after purchasing an additional 800,000 shares during the period. Anson Funds Management LP boosted its stake in Osisko Development by 1,292.2% in the 1st quarter. Anson Funds Management LP now owns 3,862,208 shares of the company’s stock worth $12,555,000 after purchasing an additional 3,584,791 shares during the period. Amundi boosted its stake in Osisko Development by 15.0% in the 1st quarter. Amundi now owns 8,050,000 shares of the company’s stock worth $26,162,000 after purchasing an additional 1,050,000 shares during the period. Royal Bank of Canada boosted its stake in Osisko Development by 193,823.0% in the 1st quarter. Royal Bank of Canada now owns 2,356,164 shares of the company’s stock worth $7,658,000 after purchasing an additional 2,354,949 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Osisko Development in the 1st quarter worth approximately $156,000. Institutional investors and hedge funds own 15.16% of the company’s stock.

Osisko Development Company Profile

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.