Osisko Development Corp. (NYSE:ODV) Sees Significant Growth in Short Interest

Osisko Development Corp. (NYSE:ODV) saw a large growth in short interest during the month of May. As of May 29th, there was short interest totaling 17,474,893 shares, a growth of 150.9% from the May 14th total of 6,964,140 shares. Currently, 5.8% of the company’s shares are sold short. Based on an average trading volume of 9,905,996 shares, the days-to-cover ratio is currently 1.8 days.

Institutional Trading of Osisko Development

Several large investors have recently bought and sold shares of the stock. Condire Management LP grew its position in Osisko Development by 5.2% during the 4th quarter. Condire Management LP now owns 23,112,036 shares of the company’s stock worth $80,661,000 after purchasing an additional 1,147,192 shares during the last quarter. Amundi grew its position in Osisko Development by 15.0% during 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 last quarter. Principal Financial Group Inc. grew its position in Osisko Development by 18.5% during the 1st quarter. Principal Financial Group Inc. now owns 7,403,436 shares of the company’s stock worth $23,926,000 after purchasing an additional 1,154,800 shares during the last quarter. Anson Funds Management LP grew its position in Osisko Development by 82.6% during the 3rd quarter. Anson Funds Management LP now owns 7,150,761 shares of the company’s stock worth $24,241,000 after purchasing an additional 3,235,008 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in Osisko Development by 100.3% during the 3rd quarter. Franklin Resources Inc. now owns 5,091,948 shares of the company’s stock worth $16,803,000 after purchasing an additional 2,550,000 shares during the last quarter. Hedge funds and other institutional investors own 15.16% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Osisko Development Stock Up 3.8%

ODV stock traded up $0.10 during trading on Friday, reaching $2.60. 2,120,604 shares of the company traded hands, compared to its average volume of 5,719,055. Osisko Development has a 12 month low of $1.97 and a 12 month high of $4.80. The business has a 50 day simple moving average of $3.05 and a 200 day simple moving average of $3.46. The company has a market capitalization of $790.75 million, a price-to-earnings ratio of -4.99 and a beta of 0.58. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.33 and a current ratio of 2.37.

Osisko Development (NYSE:ODV) last issued its quarterly 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. Osisko Development had a negative return on equity of 10.46% and a negative net margin of 192.13%.The business had revenue of $1.59 million for the quarter, compared to analyst estimates of $1.68 million. On average, equities research analysts anticipate that Osisko Development will post -0.04 earnings per share for the current fiscal year.

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.