ODDITY Tech (NASDAQ:ODD) Shares Gap Down – Here’s What Happened

ODDITY Tech Ltd. (NASDAQ:ODD) gapped down before the market opened on Monday . The stock had previously closed at $13.11, but opened at $12.57. ODDITY Tech shares last traded at $12.2490, with a volume of 119,356 shares.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ODD. Zacks Research upgraded ODDITY Tech from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. Barclays cut their price target on shares of ODDITY Tech from $13.00 to $8.00 and set an “underweight” rating for the company in a research note on Wednesday, June 3rd. Jefferies Financial Group restated a “hold” rating and issued a $10.25 price objective on shares of ODDITY Tech in a report on Tuesday, June 2nd. Morgan Stanley cut their price objective on ODDITY Tech from $16.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 3rd. Finally, KeyCorp reissued a “sector weight” rating on shares of ODDITY Tech in a research note on Wednesday, June 3rd. Nine investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $25.39.

ODDITY Tech Price Performance

The company has a quick ratio of 2.86, a current ratio of 4.06 and a debt-to-equity ratio of 1.96. The business’s 50 day moving average is $14.53 and its two-hundred day moving average is $16.44. The firm has a market cap of $691.54 million, a P/E ratio of 15.25 and a beta of 2.38.

ODDITY Tech (NASDAQ:ODD) last issued its earnings results on Tuesday, June 2nd. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.13). ODDITY Tech had a net margin of 6.97% and a return on equity of 15.38%. The firm had revenue of $197.94 million during the quarter, compared to analyst estimates of $187.87 million. During the same quarter in the prior year, the business earned $0.69 earnings per share. The business’s quarterly revenue was down 26.2% on a year-over-year basis. As a group, analysts anticipate that ODDITY Tech Ltd. will post -0.55 earnings per share for the current year.

Insider Activity

In other news, CFO Mann Lindsay Drucker sold 109,602 shares of the company’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $15.09, for a total transaction of $1,653,894.18. Following the completion of the transaction, the chief financial officer directly owned 77,709 shares of the company’s stock, valued at approximately $1,172,628.81. This represents a 58.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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. Insiders have sold a total of 130,678 shares of company stock valued at $1,956,201 in the last quarter.

Institutional Investors Weigh In On ODDITY Tech

Several hedge funds have recently added to or reduced their stakes in ODD. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of ODDITY Tech by 16.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 76,117 shares of the company’s stock worth $3,293,000 after buying an additional 10,582 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of ODDITY Tech by 12.9% in the 2nd quarter. Geode Capital Management LLC now owns 75,063 shares of the company’s stock worth $5,660,000 after purchasing an additional 8,561 shares during the period. Legal & General Group Plc bought a new stake in ODDITY Tech in the second quarter worth $71,000. American Century Companies Inc. boosted its stake in ODDITY Tech by 17.3% during the second quarter. American Century Companies Inc. now owns 14,300 shares of the company’s stock worth $1,079,000 after buying an additional 2,105 shares during the period. Finally, Invesco Ltd. bought a new position in ODDITY Tech during the second quarter valued at $327,000. 35.88% of the stock is owned by institutional investors.

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.