Oddity Tech slides as CEO sells stock in block trade

Shares of Israeli-based online cosmetics retailer Oddity Tech ODD.O down 7.4% premarket to $64.86 after CEO offloads some stock

Co late Mon announced entity affiliated with co-founder and CEO Oran Holtzman sold 5.5 mln shares in Rule 144/unregistered block, which is being handled by JP Morgan

Transaction to enhance free float and trading liquidity of the stock, co said in the statement

Holtzman has no plan or intention to sell additional shares and entered a 1-year lock-up agreement, it said

Following the transaction, Holtzman holds ~23% ownership stake and controls majority of voting power

ODD has ~55.8 mln shares outstanding for ~$3.9 bln market cap and ~33 mln shares of public float, per LSEG data

Shares on Mon hit fresh record intra-day high of $73 before closing down 1.3% at $70.08

Shares have surged nearly 50% since Apr 29, when owner of the IL MAKIAGE and SpoiledChild brands boosted its full-yr outlook

Of 9 analysts covering ODD, 6 rate "strong buy" or "buy", rest rate "hold"; median PT of $65 up from $54 a month ago, latest LSEG data shows