ODDITY Tech (NASDAQ:ODD) Stock Price Down 9.5% – Should You Sell?

ODDITY Tech Ltd. (NASDAQ:ODD)’s stock price was down 9.5% during mid-day trading on Wednesday . The company traded as low as $15.48 and last traded at $15.3810. Approximately 463,031 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 1,781,543 shares. The stock had previously closed at $16.99.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Wall Street Zen cut shares of ODDITY Tech from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 18th. The Goldman Sachs Group cut shares of ODDITY Tech from a “hold” rating to a “sell” rating and decreased their target price for the company from $16.00 to $8.00 in a research note on Wednesday, June 3rd. Jefferies Financial Group reiterated a “hold” rating and issued a $10.25 target price on shares of ODDITY Tech in a research note on Tuesday, June 2nd. Morgan Stanley cut their price objective on shares of ODDITY Tech from $16.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, June 3rd. Finally, Barclays decreased 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 report on Wednesday, June 3rd. Eight research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $25.39.

ODDITY Tech Stock Performance

The company has a market cap of $865.89 million, a price-to-earnings ratio of 19.10 and a beta of 2.37. The firm’s 50 day simple moving average is $13.98 and its 200-day simple moving average is $18.39. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.86 and a current ratio of 4.06.

ODDITY Tech (NASDAQ:ODD) last issued its earnings results on Tuesday, June 2nd. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.13). The business 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%. ODDITY Tech’s quarterly revenue was down 26.2% on a year-over-year basis. During the same quarter last year, the company earned $0.69 earnings per share. On average, sell-side analysts predict that ODDITY Tech Ltd. will post -0.55 EPS for the current year.

Insider Transactions at ODDITY Tech

In other ODDITY Tech news, CFO Mann Lindsay Drucker sold 109,602 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $15.09, for a total value of $1,653,894.18. Following the completion of the sale, the chief financial officer owned 77,709 shares in the company, valued at approximately $1,172,628.81. This represents a 58.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 three months, insiders have sold 128,805 shares of company stock worth $1,932,910.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ODD. Baillie Gifford & Co. grew its position in shares of ODDITY Tech by 17.8% in the fourth quarter. Baillie Gifford & Co. now owns 7,122,641 shares of the company’s stock valued at $286,188,000 after purchasing an additional 1,076,921 shares in the last quarter. Morgan Stanley lifted its position in ODDITY Tech by 13.9% during the fourth quarter. Morgan Stanley now owns 4,305,565 shares of the company’s stock worth $172,998,000 after buying an additional 525,481 shares in the last quarter. Janus Henderson Group PLC lifted its position in ODDITY Tech by 115.0% during the fourth quarter. Janus Henderson Group PLC now owns 2,423,917 shares of the company’s stock worth $97,379,000 after buying an additional 1,296,551 shares in the last quarter. Granahan Investment Management LLC boosted its stake in ODDITY Tech by 1.1% during the fourth quarter. Granahan Investment Management LLC now owns 1,523,204 shares of the company’s stock worth $61,202,000 after buying an additional 16,747 shares during the last quarter. Finally, Ashford Capital Management Inc. boosted its stake in ODDITY Tech by 25.0% during the fourth quarter. Ashford Capital Management Inc. now owns 685,972 shares of the company’s stock worth $27,562,000 after buying an additional 137,380 shares during the last quarter. 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.