Osisko Development (NYSE:ODV) Shares Gap Up – Should You Buy?

Osisko Development Corp. (NYSE:ODV) gapped up before the market opened on Wednesday . The stock had previously closed at $2.96, but opened at $3.16. Osisko Development shares last traded at $3.0560, with a volume of 486,584 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Osisko Development in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy”.

Osisko Development Stock Up 3.9%

The firm has a 50-day moving average price of $3.81 and a two-hundred day moving average price of $3.54. The company has a market capitalization of $936.65 million, a P/E ratio of -2.77 and a beta of 0.55. The company has a quick ratio of 1.29, a current ratio of 1.31 and a debt-to-equity ratio of 0.25.

Hedge Funds Weigh In On Osisko Development

A number of hedge funds have recently made changes to their positions in the business. Condire Management LP raised its holdings in shares of Osisko Development by 5.2% in the 4th quarter. Condire Management LP now owns 23,112,036 shares of the company’s stock worth $80,661,000 after buying an additional 1,147,192 shares in the last quarter. Anson Funds Management LP boosted its stake in shares of Osisko Development by 82.6% in the 3rd quarter. Anson Funds Management LP now owns 7,150,761 shares of the company’s stock valued at $24,241,000 after purchasing an additional 3,235,008 shares in the last quarter. Amundi grew its holdings in shares of Osisko Development by 55.6% in the 4th quarter. Amundi now owns 7,000,000 shares of the company’s stock worth $24,430,000 after purchasing an additional 2,500,000 shares during the last quarter. Franklin Resources Inc. increased its position in shares of 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 in the last quarter. Finally, Sprott Inc. increased its position in shares of Osisko Development by 1,699.9% during the 4th quarter. Sprott Inc. now owns 4,560,007 shares of the company’s stock worth $15,482,000 after purchasing an additional 4,306,666 shares in the last quarter. 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.