Not sure either. When/if ODP returns to being a reasonably profitable retailer, they are worth at least $20, but they need to show conclusively that they are on path to that. They need to end the probably immaterial discussion about pricing, they need to get rid of bad performing stores/leases, and the toughest, they need to hope that office supply spending rebounds as the economy picks up - that there hasn't been a step-function reduction in the amount of pens, paper, toner, that we all buy as a result of recession and people using computers instead.
ODP is the 2nd best performing stock in the last 12 months. I think the big ride is going to be slowing down, but it is not over. Once this company turns a profit it should see another spike (within next 6 months), then I expect it to level off.
I originally bought ODP before the market crash at around $10/share, based on their very low P/E ratio at the time. After losing 93% of its value, I increased my position to 4000 shares at 73 cents a share, which turned out to be extremely lucky.
At this point, ODP is still posting quarterly losses, and at this point the shares may not have a lot of upside potential, and there might be better places to invest. I like low p/e ratio stocks that pay a dividend.
According to ODP's SEC disclosures, the investigations related to their contract pricing will have an immaterial effect on the company's results, but they're still losses.