Ocado Group (LON:OCDO) Shares Down 9.8% – Here’s What Happened

Ocado Group plc (LON:OCDO)’s share price was down 9.8% during mid-day trading on Friday . The stock traded as low as GBX 240.30 ($3.26) and last traded at GBX 270.71 ($3.67). Approximately 15,986,102 shares changed hands during mid-day trading, an increase of 99% from the average daily volume of 8,031,512 shares. The stock had previously closed at GBX 300 ($4.07).

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. upped their target price on shares of Ocado Group from GBX 400 to GBX 437 and gave the company an “overweight” rating in a report on Friday, August 1st. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, Ocado Group presently has an average rating of “Buy” and an average price target of GBX 437.

Ocado Group Stock Performance

The firm’s 50-day moving average is GBX 318.95 and its 200 day moving average is GBX 283.11. The stock has a market cap of £2.24 billion, a PE ratio of 575.99 and a beta of 1.85. The company has a debt-to-equity ratio of 144.16, a quick ratio of 2.82 and a current ratio of 2.35.

Ocado Group Company Profile

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.