Maxim Group Initiates Coverage on Cadiz (NASDAQ:CDZI)

Equities researchers at Maxim Group began coverage on shares of Cadiz (NASDAQ:CDZI) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The firm set a “buy” rating and a $10.00 price target on the stock. Maxim Group’s price target suggests a potential upside of 94.93% from the company’s current price.

A number of other research analysts also recently issued reports on the stock. Wall Street Zen upgraded shares of Cadiz from a “sell” rating to a “hold” rating in a research report on Saturday, November 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cadiz in a research note on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $10.00.

Cadiz Stock Performance

CDZI stock opened at $5.13 on Monday. The firm has a market cap of $426.35 million, a PE ratio of -10.47 and a beta of 2.03. The company has a current ratio of 1.26, a quick ratio of 0.96 and a debt-to-equity ratio of 3.14. The stock has a 50-day moving average price of $5.84 and a 200-day moving average price of $4.86. Cadiz has a 1-year low of $2.13 and a 1-year high of $6.96.

Cadiz (NASDAQ:CDZI) last issued its earnings results on Thursday, November 13th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The business had revenue of $4.15 million during the quarter, compared to the consensus estimate of $3.90 million. Cadiz had a negative return on equity of 93.48% and a negative net margin of 206.65%. As a group, equities research analysts expect that Cadiz will post -0.47 earnings per share for the current year.

Institutional Investors Weigh In On Cadiz

Hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP bought a new position in Cadiz in the 3rd quarter valued at about $40,000. Neuberger Berman Group LLC bought a new position in shares of Cadiz in the second quarter valued at approximately $32,000. BNP Paribas Financial Markets boosted its position in shares of Cadiz by 115.8% during the third quarter. BNP Paribas Financial Markets now owns 11,062 shares of the company’s stock valued at $52,000 after buying an additional 5,935 shares during the last quarter. ProShare Advisors LLC bought a new stake in Cadiz during the second quarter worth $34,000. Finally, Sherbrooke Park Advisers LLC bought a new stake in Cadiz during the third quarter worth $56,000. 79.75% of the stock is owned by institutional investors.

Cadiz Company Profile

Cadiz, Inc (NASDAQ: CDZI) is a Southern California–based water resource management company focused on developing and operating groundwater storage, recovery and conveyance projects. The company holds water rights and mineral rights on approximately 34,000 acres in the Mojave Desert and is chiefly known for advancing the Cadiz Water Project, a planned system to capture, store and distribute groundwater to urban and agricultural users in the region.

The company’s primary business activity centers on the development of infrastructure that enables sustainable groundwater banking.