ODDITY Tech Spikes 25% as Q2 Beat and Short Squeeze Fuel Rally
ODD sits 81% above its 52-week low of $9.25 on elevated volume (7.4× avg).
Summary
ODDITY Tech shares surged 25.34% to $16.32 on Wednesday after Q2 results beat expectations and guidance came in above consensus. Adjusted EPS of $0.20 topped the $0.16 estimate, and revenue of $180.52M exceeded the $177.60M forecast despite a 25% year-over-year decline. The rally was amplified by a short squeeze, with 32% of the public float sold short. Management guided Q3 revenue to $140.51M, well above the $122.64M consensus, and full-year revenue to $655.97M versus the $628.06M estimate. The company also repurchased 5.6 million shares for $80 million during the quarter, reducing shares outstanding by about 20% year-to-date. This follows the earlier GlobeNewswire report of the Q2 results; the new information here is the sharp intraday price move and the short-interest context.
At the time of this announcement, ODD was trading at $16.70 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $770.3M. The 52-week trading range was $9.25 to $64.23. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Benzinga.