What Next for Office Depot Inc (ODP) After Forming Wedge Up?

June 19, 2017 - By Winifred Garcia

Investors sentiment increased to 1.02 in 2016 Q4. Its up 0.04, from 0.98 in 2016Q3. It increased, as 40 investors sold Office Depot Inc shares while 87 reduced holdings. 50 funds opened positions while 80 raised stakes. 457.89 million shares or 4.51% less from 479.51 million shares in 2016Q3 were reported.
Bnp Paribas Ptnrs holds 0.03% of its portfolio in Office Depot Inc (NASDAQ:ODP) for 665,600 shares. 7.47M were reported by Aqr Management Limited Liability Company. Advantus Capital Mgmt holds 65,670 shares or 0.01% of its portfolio. Invesco owns 567,458 shares for 0% of their portfolio. Parallax Volatility Advisers L P invested in 6,387 shares or 0% of the stock. Envestnet Asset Management has 0% invested in Office Depot Inc (NASDAQ:ODP) for 23,631 shares. Guggenheim Limited Liability Corporation has invested 0.02% in Office Depot Inc (NASDAQ:ODP). Loring Wolcott Coolidge Fiduciary Advsrs Limited Liability Partnership Ma has 0% invested in Office Depot Inc (NASDAQ:ODP) for 2,975 shares. The Illinois-based Lsv Asset Mgmt has invested 0.01% in Office Depot Inc (NASDAQ:ODP). State Treasurer State Of Michigan owns 212,800 shares or 0.01% of their US portfolio. Millennium Management Limited Liability Company reported 2.44M shares. Ahl Prns Ltd Liability Partnership reported 0.04% stake. American Intl has 1.32M shares for 0.02% of their portfolio. Cutter Co Brokerage holds 0.04% or 18,900 shares. National Bank & Trust Of Mellon owns 0.04% invested in Office Depot Inc (NASDAQ:ODP) for 30.11 million shares.

Since March 4, 2017, it had 1 insider purchase, and 8 selling transactions for $1.34 million activity. $161,315 worth of stock was sold by Allison Michael R on Monday, March 20. VASSALLUZZO JOSEPH bought $117,499 worth of Office Depot Inc (NASDAQ:ODP) on Wednesday, March 15. 4,532 shares were sold by Calkins Stephen R, worth $20,439 on Saturday, March 4. $127,467 worth of Office Depot Inc (NASDAQ:ODP) shares were sold by Beauchamp Timothy J.

The stock of Office Depot Inc (ODP) formed an up wedge with $5.81 target or 7.00 % above today’s $5.43 share price. The 5 months wedge indicates low risk for the $2.76B company. If the $5.81 price target is reached, the company will be worth $193.20 million more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

About 1.10M shares traded. Office Depot Inc (NASDAQ:ODP) has risen 51.05% since June 19, 2016 and is uptrending. It has outperformed by 34.35% the S&P500.

Office Depot Inc (NASDAQ:ODP) Ratings Coverage

Among 8 analysts covering Office Depot (NASDAQ:ODP), 3 have Buy rating, 2 Sell and 3 Hold. Therefore 38% are positive. Office Depot had 12 analyst reports since September 8, 2015 according to SRatingsIntel. The company was maintained on Thursday, August 4 by UBS. Telsey Advisory Group maintained Office Depot Inc (NASDAQ:ODP) on Tuesday, December 8 with “Outperform” rating. The rating was maintained by Credit Suisse on Monday, March 7 with “Outperform”. The firm earned “Market Perform” rating on Friday, October 28 by Telsey Advisory Group. The company was downgraded on Tuesday, December 8 by KeyBanc Capital Markets. Bank of America reinitiated the stock with “Buy” rating in Friday, December 11 report. On Wednesday, May 11 the stock rating was downgraded by Telsey Advisory Group to “Market Perform”. B. Riley & Co upgraded Office Depot Inc (NASDAQ:ODP) rating on Tuesday, September 8. B. Riley & Co has “Buy” rating and $11.0 target. On Wednesday, May 11 the stock rating was downgraded by UBS to “Sell”. The stock of Office Depot Inc (NASDAQ:ODP) has “Hold” rating given on Tuesday, December 13 by Loop Capital.

More notable recent Office Depot Inc (NASDAQ:ODP) news were published by: Zacks.com which released: “How Has Office Depot (ODP) Performed 30 Days Post Earnings?” on June 14, 2017, also Usatoday.com with their article: “Office Depot to sell its mainland China biz” published on June 02, 2017, Fool.com published: “Instant Analysis: Office Depot Selling Operations in Mainland China” on June 05, 2017. More interesting news about Office Depot Inc (NASDAQ:ODP) were released by: Nasdaq.com and their article: “Office Depot, Inc. (ODP) Ex-Dividend Date Scheduled for May 23, 2017” published on May 22, 2017 as well as Investorplace.com‘s news article titled: “Why Office Depot Inc (ODP) is Such a Great Value Stock Pick Right Now” with publication date: June 08, 2017.

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