Is Investing in Oddity Tech (ODD) a Good Idea?

ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Rising bond rates and the Federal Reserve’s shift to a more hawkish stance put pressure on stocks in the third quarter. The strategy underperformed its Russell 3000 Index in the third quarter. Overall stock selection and sector allocation detracted from performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Select Strategy highlighted stocks like Oddity Tech Ltd. (NASDAQ:ODD) in the third quarter 2023 investor letter. Headquartered in Tel Aviv, Israel, Oddity Tech Ltd. (NASDAQ:ODD) is an online retail company that sells cosmetics and beauty products. On December 7, 2023, Oddity Tech Ltd. (NASDAQ:ODD) stock closed at $37.70 per share. One-month return of Oddity Tech Ltd. (NASDAQ:ODD) was 32.79%, and its shares gained 2.86% of their value over the last three months. Oddity Tech Ltd. (NASDAQ:ODD) has a market capitalization of $2.142 billion.

ClearBridge Select Strategy made the following comment about Oddity Tech Ltd. (NASDAQ:ODD) in its Q3 2023 investor letter:

“We also participated in the IPO of Oddity Tech Ltd. (NASDAQ:ODD), a direct to consumer cosmetics business that is growing rapidly and already profitable. Oddity is marketing two brands today and investing in new brands including a biotechnology treatment for hair loss. The company uses AI and related technologies to connect with consumers, such as tools that examine a customer’s complexion to customize cosmetics. The company also integrates customer feedback into its sales process.”

A woman laughing as she applies makeup in the mirror, embracing the beauty of self-care.

Oddity Tech Ltd. (NASDAQ:ODD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Oddity Tech Ltd. (NASDAQ:ODD) at the end of third quarter which was 0 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.