Osisko Development (NYSE:OGG) Stock Price Up 5.7% – Still a Buy?

Osisko Development Corp. (NYSE:OGG)’s stock price shot up 5.7% on Wednesday. The stock traded as high as $2.98 and last traded at $2.96. 934,136 shares were traded during trading, a decline of 47% from the average session volume of 1,759,116 shares. The stock had previously closed at $2.80.

Analyst Ratings Changes

Several analysts recently issued reports on OGG shares. Zacks Research upgraded Osisko Development from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 17th. Stifel Nicolaus upgraded Osisko Development to a “strong-buy” rating in a research note on Monday, June 29th. Finally, Weiss Ratings raised Osisko Development from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, September 1st. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Osisko Development currently has an average rating of “Buy”.

Osisko Development Price Performance

The company has a market cap of $886.94 million and a PE ratio of -24.17. The business’s 50 day moving average price is $2.64 and its 200-day moving average price is $2.81. The company has a quick ratio of 3.53, a current ratio of 3.58 and a debt-to-equity ratio of 0.40.

Institutional Investors Weigh In On Osisko Development

A number of large investors have recently added to or reduced their stakes in the company. Amundi lifted its holdings in Osisko Development by 15.0% in the 1st quarter. Amundi now owns 8,050,000 shares of the company’s stock worth $26,162,000 after buying an additional 1,050,000 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Osisko Development by 18.5% during the first quarter. Principal Financial Group Inc. now owns 7,403,436 shares of the company’s stock valued at $23,926,000 after acquiring an additional 1,154,800 shares in the last quarter. Anson Funds Management LP grew its stake in shares of Osisko Development by 1,292.2% during the first quarter. Anson Funds Management LP now owns 3,862,208 shares of the company’s stock valued at $12,555,000 after acquiring an additional 3,584,791 shares in the last quarter. Invenomic Capital Management LP purchased a new stake in shares of Osisko Development during the fourth quarter worth about $7,713,000. Finally, Royal Bank of Canada increased its position in shares of Osisko Development by 193,823.0% during the first quarter. Royal Bank of Canada now owns 2,356,164 shares of the company’s stock worth $7,658,000 after acquiring an additional 2,354,949 shares during the last quarter. 15.16% of the stock is owned by institutional investors and hedge funds.

Osisko Development Company Profile

Osisko Development Corp. is a mineral exploration and development company focused primarily on advancing gold projects in North America. The company’s activities include exploration, resource evaluation, mine planning, permitting, project development and, where applicable, the operation of mining assets.

Its flagship asset is the Cariboo Gold Project in central British Columbia, Canada, a district-scale gold project that includes the historic Barkerville mining area and the Cow Mountain, Bonanza Ledge and Island Mountain deposits.