Coda Octopus Group (NASDAQ:CODA) Lowered to Hold Rating by Wall Street Zen

Coda Octopus Group (NASDAQ:CODA) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Sunday.

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Coda Octopus Group in a research report on Monday, December 8th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy”.

Coda Octopus Group Stock Performance

CODA opened at $9.09 on Friday. The firm’s fifty day moving average is $9.01 and its two-hundred day moving average is $8.21. The firm has a market cap of $102.26 million, a PE ratio of 30.30 and a beta of 0.61. Coda Octopus Group has a twelve month low of $5.76 and a twelve month high of $10.54.

Coda Octopus Group (NASDAQ:CODA) last released its quarterly earnings data on Monday, September 15th. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. The business had revenue of $7.06 million during the quarter, compared to analysts’ expectations of $7.07 million. Coda Octopus Group had a net margin of 14.09% and a return on equity of 6.26%.

Insider Activity

In other news, major shareholder Niels Sondergaard sold 150,000 shares of the business’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $8.15, for a total transaction of $1,222,500.00. Following the transaction, the insider directly owned 2,045,211 shares in the company, valued at $16,668,469.65. The trade was a 6.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders have sold 206,370 shares of company stock worth $1,685,214. Company insiders own 21.80% of the company’s stock.

Institutional Trading of Coda Octopus Group

Several hedge funds and other institutional investors have recently modified their holdings of CODA. Bank of America Corp DE grew its stake in Coda Octopus Group by 5,475.0% in the third quarter. Bank of America Corp DE now owns 3,122 shares of the company’s stock valued at $25,000 after purchasing an additional 3,066 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Coda Octopus Group during the 2nd quarter worth about $104,000. Corsair Capital Management L.P. acquired a new stake in shares of Coda Octopus Group during the 2nd quarter valued at about $127,000. Jane Street Group LLC bought a new stake in shares of Coda Octopus Group in the 2nd quarter valued at approximately $207,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Coda Octopus Group by 2.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 61,561 shares of the company’s stock valued at $494,000 after buying an additional 1,562 shares in the last quarter. 20.12% of the stock is currently owned by hedge funds and other institutional investors.

Coda Octopus Group Company Profile

Coda Octopus Group, Inc, together with its subsidiaries, develops, sells, and rentals underwater technologies and equipment for real time 3D imaging, mapping, defense, and survey applications in the Americas, Europe, Australia, Asia, the Middle East, and Africa. The company operates through two segments, Marine Engineering Business and Marine Technology Business.