Ocado Group (LON:OCDO) Stock Jumps 4.3% – Here’s Why

Ocado Group plc (LON:OCDO)’s stock price shot up 4.3% during trading on Monday. The company traded as high as GBX 317.60 and last traded at GBX 302.52. Approximately 9,235,005 shares were traded during trading, a decline of 52% from the average daily volume of 19,324,795 shares. The stock had previously closed at GBX 289.94.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. lifted their price objective on Ocado Group from GBX 245 to GBX 290 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. Two research analysts have rated the stock with a Buy rating. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of GBX 300.

Ocado Group Stock Down 1.6%

The firm has a fifty day simple moving average of GBX 247.38 and a 200-day simple moving average of GBX 212.67. The company has a quick ratio of 2.81, a current ratio of 1.41 and a debt-to-equity ratio of 110.64. The company has a market capitalization of £2.87 billion, a P/E ratio of -11.33 and a beta of 2.41.

About Ocado Group

Ocado Group is a UK based technology company that provides end-to-end online grocery fulfilment solutions, known as the Ocado Smart Platform, to some of the world’s largest grocery retailers and holds a 50% share of Ocado Retail Ltd in the UK in a Joint Venture with Marks & Spencer. OSP comprises access to Ocado’s physical infrastructure solutions, running highly efficient warehouse operations for the single pick of products, together with the entire end-to-end proprietary software applications required to operate a world class online grocery business.