Ocado shares have fallen significantly on Tuesday.
And while there has been no notable news, interest across its online website has declined.
Here are some key stats surrounding Ocado demand…
Looking into the organic website traffic for Ocado, there has been a clear drop over the last year and a half. The first graph shows a clear decline from around May 2021.
This potentially represents customers transitioning from online grocery shopping back to in-person store visits.
Furthermore, the second graph represents organic traffic over the last decade. Despite a strong, consistent increase in traffic, Ocado has since declined from its peak in mid-2021.
Google Trends data tells a similar story. There was a spike in searches at the start of the pandemic. However, over the past two years, it has declined, and shares are now down 51% in 2022, trading at pre-pandemic levels.
Ocado has been assigned an average rating of “Buy” from eleven analysts covering the online grocery store. One research analyst has a sell consensus, three have issued a hold consensus, and six have a buy rating.
In April, Berenberg Bank reiterated a “Buy” rating and a 1800p price target for Ocado. Meanwhile, in late May, Royal Bank of Canada reiterated a “Sector Perform” rating with a price target of 1700p.