Oatly Group (NASDAQ:OTLY) Shares Gap Up After Strong Earnings

Shares of Oatly Group AB (NASDAQ:OTLY) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $1.00, but opened at $1.04. Oatly Group shares last traded at $1.13, with a volume of 1,700,022 shares.

The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.01. Oatly Group had a negative net margin of 49.19% and a negative return on equity of 36.51%. The business had revenue of $199.16 million for the quarter, compared to analyst estimates of $198.43 million. During the same quarter in the previous year, the business earned ($0.13) earnings per share.

Analysts Set New Price Targets

Several equities research analysts recently commented on OTLY shares. DA Davidson began coverage on Oatly Group in a research note on Friday, March 1st. They set a “buy” rating and a $1.50 target price for the company. Morgan Stanley reiterated an “equal weight” rating and issued a $1.25 price objective on shares of Oatly Group in a research note on Tuesday, February 20th. Finally, Royal Bank of Canada increased their target price on shares of Oatly Group from $0.63 to $1.05 and gave the stock a “sector perform” rating in a research note on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $2.11.

Hedge Funds Weigh In On Oatly Group

A number of large investors have recently modified their holdings of OTLY. Massachusetts Financial Services Co. MA raised its holdings in Oatly Group by 21.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 16,963,225 shares of the company’s stock worth $15,201,000 after buying an additional 2,986,805 shares during the last quarter. BNP Paribas Asset Management Holding S.A. increased its position in shares of Oatly Group by 72.0% during the fourth quarter. BNP Paribas Asset Management Holding S.A. now owns 6,024,369 shares of the company’s stock worth $7,109,000 after acquiring an additional 2,521,847 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Oatly Group by 56.0% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 3,502,522 shares of the company’s stock worth $3,139,000 after acquiring an additional 1,257,812 shares during the last quarter. CastleKnight Management LP raised its holdings in shares of Oatly Group by 430.8% in the 4th quarter. CastleKnight Management LP now owns 1,527,700 shares of the company’s stock worth $1,803,000 after acquiring an additional 1,239,874 shares during the last quarter. Finally, Green Alpha Advisors LLC lifted its position in Oatly Group by 199.1% in the 4th quarter. Green Alpha Advisors LLC now owns 636,937 shares of the company’s stock valued at $752,000 after acquiring an additional 423,971 shares in the last quarter. 68.15% of the stock is currently owned by institutional investors.

Oatly Group Price Performance

The business has a fifty day simple moving average of $1.04 and a 200 day simple moving average of $1.00. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.71 and a current ratio of 0.83.

About Oatly Group

Oatly Group AB, an oatmilk company, provides a range of plant-based dairy products made from oats in Europe, the Middle East, Africa, the Americas, and Asia. It offers Barista edition oatmilk, oatgurts, frozen desserts, ice-creams, and yogurts; cooking products, including cooking cream, in regular and organic, Crème Fraiche, whipping cream, vanilla custard, and spreads in a variety of flavors; and ready-to-go drinks.