Stock Traders Buy High Volume of Call Options on ODDITY Tech (NASDAQ:ODD)

ODDITY Tech Ltd. (NASDAQ:ODD) saw some unusual options trading activity on Wednesday. Investors purchased 9,433 call options on the stock. This is an increase of approximately 376% compared to the typical volume of 1,981 call options.

ODDITY Tech Price Performance

Shares of ODD stock traded up $1.61 during mid-day trading on Wednesday, reaching $16.74. The stock had a trading volume of 915,598 shares, compared to its average volume of 1,929,879. The company has a current ratio of 4.06, a quick ratio of 2.86 and a debt-to-equity ratio of 1.96. The company has a market cap of $963.95 million, a P/E ratio of 21.19 and a beta of 2.47. The business has a 50-day simple moving average of $13.02 and a 200 day simple moving average of $21.85. ODDITY Tech has a 12-month low of $9.25 and a 12-month high of $77.83.

ODDITY Tech (NASDAQ:ODD) last released its quarterly 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). 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%. The firm’s revenue for the quarter was down 26.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.69 earnings per share. On average, sell-side analysts anticipate that ODDITY Tech will post -0.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ODD shares. Zacks Research cut shares of ODDITY Tech from a “hold” rating to a “strong sell” rating in a research report on Monday. Needham & Company LLC restated a “hold” rating on shares of ODDITY Tech in a research note on Tuesday, June 2nd. Morgan Stanley cut their price target on ODDITY Tech from $16.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Wednesday, June 3rd. The Goldman Sachs Group downgraded shares of ODDITY Tech from a “hold” rating to a “sell” rating and reduced their price objective for the stock from $16.00 to $8.00 in a research report on Wednesday, June 3rd. Finally, Truist Financial decreased their target price on ODDITY Tech from $18.00 to $12.00 and set a “hold” 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $25.39.

Insider Buying and Selling

In related news, CFO Mann Lindsay Drucker sold 109,602 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was 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 of the company’s stock, valued at approximately $1,172,628.81. This trade represents a 58.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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. In the last three months, insiders have sold 128,805 shares of company stock valued at $1,932,910.

Hedge Funds Weigh In On ODDITY Tech

Institutional investors have recently added to or reduced their stakes in the business. Wexford Capital LP acquired a new position in shares of ODDITY Tech during the 3rd quarter valued at about $40,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in ODDITY Tech by 134.8% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,134 shares of the company’s stock worth $69,000 after acquiring an additional 651 shares in the last quarter. Legal & General Group Plc purchased a new position in ODDITY Tech in the 2nd quarter valued at about $71,000. SG Americas Securities LLC acquired a new stake in shares of ODDITY Tech during the first quarter worth approximately $104,000. Finally, Headlands Technologies LLC acquired a new position in ODDITY Tech in the second quarter worth about $108,000. 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.