Ollie’s Bargain Outlet (NASDAQ:OLLI) Downgraded by Wells Fargo & Company to “Equal Weight”

Ollie’s Bargain Outlet (NASDAQ:OLLI) was downgraded by stock analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a note issued to investors on Tuesday, Marketbeat reports. They presently have a $95.00 price target on the stock, down from their previous price target of $100.00. Wells Fargo & Company‘s price objective indicates a potential downside of 4.88% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Bank of America raised their target price on shares of Ollie’s Bargain Outlet from $102.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Royal Bank of Canada raised their price objective on Ollie’s Bargain Outlet from $100.00 to $106.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Piper Sandler reissued an “overweight” rating and set a $107.00 price objective on shares of Ollie’s Bargain Outlet in a research report on Friday, October 4th. Loop Capital reaffirmed a “buy” rating and issued a $110.00 target price on shares of Ollie’s Bargain Outlet in a research report on Friday, September 20th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Ollie’s Bargain Outlet from $113.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $104.50.

Ollie’s Bargain Outlet Trading Up 0.9 %

OLLI opened at $99.87 on Tuesday. The company has a 50 day moving average of $94.95 and a 200 day moving average of $93.56. The company has a market cap of $6.13 billion, a PE ratio of 30.45, a price-to-earnings-growth ratio of 2.46 and a beta of 0.85. Ollie’s Bargain Outlet has a 12 month low of $68.05 and a 12 month high of $104.98.

Insider Activity

In other news, SVP Kevin Mclain sold 15,000 shares of Ollie’s Bargain Outlet stock in a transaction on Monday, September 16th. The stock was sold at an average price of $98.99, for a total transaction of $1,484,850.00. Following the completion of the transaction, the senior vice president now owns 10,610 shares of the company’s stock, valued at $1,050,283.90. The trade was a 58.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Robert F. Helm sold 2,401 shares of the stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $94.68, for a total transaction of $227,326.68. Following the sale, the chief financial officer now directly owns 2,021 shares of the company’s stock, valued at approximately $191,348.28. This trade represents a 54.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,712 shares of company stock valued at $3,368,270. 0.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ollie’s Bargain Outlet

Hedge funds have recently made changes to their positions in the business. State Street Corp grew its position in Ollie’s Bargain Outlet by 2.1% in the third quarter. State Street Corp now owns 1,871,047 shares of the company’s stock valued at $181,866,000 after acquiring an additional 38,203 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Ollie’s Bargain Outlet by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,078,544 shares of the company’s stock valued at $104,860,000 after acquiring an additional 9,492 shares during the last quarter. Geneva Capital Management LLC boosted its position in shares of Ollie’s Bargain Outlet by 1.3% in the 3rd quarter. Geneva Capital Management LLC now owns 1,050,469 shares of the company’s stock worth $102,106,000 after purchasing an additional 13,369 shares in the last quarter. American Century Companies Inc. lifted its position in Ollie’s Bargain Outlet by 5.6% during the second quarter. American Century Companies Inc. now owns 780,064 shares of the company’s stock valued at $76,579,000 after purchasing an additional 41,605 shares in the last quarter. Finally, Fred Alger Management LLC boosted its position in shares of Ollie’s Bargain Outlet by 12.1% during the third quarter. Fred Alger Management LLC now owns 772,145 shares of the company’s stock worth $75,052,000 after acquiring an additional 83,063 shares during the last quarter.

About Ollie’s Bargain Outlet

Ollie's Bargain Outlet Holdings, Inc operates as a retailer of brand name merchandise in the United States. The company offers housewares, bed and bath, food, floor coverings, health and beauty aids, books and stationery, toys, and electronics; and other products, including hardware, candy, clothing, sporting goods, pet and lawn, and garden products.