Office Depot (ODP): Price Target and June Short Interest Disclosure

Office Depot (ODP) : The highest level Office Depot (ODP) is projected to reach is $7 for the short term and the lowest estimate is at $4. The consolidated price target from 6 rating analysts who initiate coverage on the stock is $4.93 and the possibility the share price can swing is $0.89.

Office Depot (ODP) has seen a rise of 11,523,676 shares or 58.8% in the short interest. The remaining shorts are 5.7% of the total floated shares. The net short interest, as on June 30,2016, stood at 31,111,035 shares and the stocks days to cover will be 2 by factoring in the average per day volume of 13,827,578 shares. On June 15,2016, 19,587,359 shares were shorted. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 12th.

Also, Major Brokerage house, Jefferies downgrades its ratings on Office Depot (NASDAQ:ODP). According to the latest information available, the shares are now rated Sell by the analysts at the agency. Previously, the analysts had a Neutral rating on the shares. The rating by the firm was issued on May 11, 2016.


Office Depot (NASDAQ:ODP): stock turned positive on Thursday. Though the stock opened at $3.34, the bulls momentum made the stock top out at $3.4 level for the day. The stock recorded a low of $3.34 and closed the trading day at $3.39, in the green by 1.80%. The total traded volume for the day was 5,177,885. The stock had closed at $3.33 in the previous days trading.

Office Depot, Inc. is a supplier of office products and services. The Company sells products and services to consumers through three segments: North American Retail Division, North American Business Solutions Division and International Division. The North American Retail Division sells an assortment of merchandise through its chain of office supply stores throughout the United States, including Puerto Rico and the U.S. Virgin Islands. The North American Business Solutions Division sells office supplies, technology products, cleaning and breakroom supplies, office furniture, certain services, and other solutions to customers. The International Division sells office products and services through direct mail catalogs, contract sales forces, Internet sites and retail stores. The Company also operates a network of distribution centers (DC) and crossdock facilities across the United States, Puerto Rico and Canada.

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