PNC Financial Services Group Inc. acquired a new stake in Oatly Group AB (NASDAQ:OTLY) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,474 shares of the company’s stock, valued at approximately $36,000.
Several other institutional investors also recently made changes to their positions in the stock. Baillie Gifford & Co. purchased a new position in Oatly Group during the 2nd quarter worth approximately $582,935,000. Alliancebernstein L.P. purchased a new position in shares of Oatly Group during the 2nd quarter valued at approximately $54,799,000. DekaBank Deutsche Girozentrale purchased a new position in shares of Oatly Group during the 2nd quarter valued at approximately $14,918,000. LA Financiere DE L Echiquier purchased a new position in shares of Oatly Group during the 2nd quarter valued at approximately $7,338,000. Finally, Yong Rong HK Asset Management Ltd acquired a new stake in Oatly Group in the 2nd quarter valued at $7,338,000. 19.76% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have issued reports on OTLY. Barclays began coverage on shares of Oatly Group in a research note on Monday, June 14th. They set an “overweight” rating and a $34.00 target price on the stock. Cowen assumed coverage on Oatly Group in a report on Friday, September 10th. They set an “outperform” rating and a $26.00 price target on the stock. Piper Sandler began coverage on Oatly Group in a report on Monday, June 14th. They set an “overweight” rating and a $30.00 price target on the stock. Truist lowered shares of Oatly Group to a “buy” rating and reduced their price objective for the company from $35.00 to $25.00 in a report on Tuesday, August 17th. Finally, Royal Bank of Canada upgraded shares of Oatly Group from a “sector perform” rating to an “outperform” rating and set a $28.00 price objective on the stock in a report on Thursday, August 19th. They noted that the move was a valuation call. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of 28.07.
Oatly Group (NASDAQ:OTLY) last announced its quarterly earnings data on Sunday, August 15th. The company reported -0.11 EPS for the quarter, missing the Zacks’ consensus estimate of -0.10 by -0.01. The firm had revenue of 146.20 million during the quarter, compared to analyst estimates of 146.98 million. Oatly Group’s quarterly revenue was up 53.4% compared to the same quarter last year. Analysts anticipate that Oatly Group AB will post -0.36 EPS for the current fiscal year.
Oatly Group Company Profile
Oatly Group AB, an oatmilk company, provides a range of plant-based dairy products made from oats in Sweden. It offers Barista edition oatmilk, oatgurts, and frozen desserts and novelties; ready-to-go drinks, such as cold brew latte, mocha latte, matcha latte, and mini oatmilk in original and chocolate flavors; and cooking products, including cooking creams, crÃ¨me fraiche products, whipping creams, vanilla custards, and spreads in a variety of flavors.
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