Cadiz (NASDAQ:CDZI) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Cadiz (NASDAQ:CDZI) posted its quarterly earnings data on Thursday. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.01), Zacks reports. Cadiz had a negative net margin of 217.49% and a negative return on equity of 97.55%. The company had revenue of $4.15 million for the quarter, compared to analysts’ expectations of $3.90 million.

Cadiz Stock Up 8.1%

CDZI stock opened at $5.20 on Friday. The company has a current ratio of 1.81, a quick ratio of 1.55 and a debt-to-equity ratio of 2.40. The company’s 50-day moving average price is $4.81 and its 200 day moving average price is $3.70. Cadiz has a 52 week low of $2.13 and a 52 week high of $6.10. The company has a market cap of $426.84 million, a P/E ratio of -10.20 and a beta of 1.90.

Hedge Funds Weigh In On Cadiz

Hedge funds have recently bought and sold shares of the company. Credit Agricole S A purchased a new stake in Cadiz during the third quarter worth approximately $72,000. UBS Group AG raised its holdings in shares of Cadiz by 36.6% during the 3rd quarter. UBS Group AG now owns 196,549 shares of the company’s stock valued at $928,000 after buying an additional 52,656 shares during the period. BNP Paribas Financial Markets boosted its holdings in Cadiz by 115.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,062 shares of the company’s stock worth $52,000 after acquiring an additional 5,935 shares during the period. Vanguard Group Inc. raised its stake in shares of Cadiz by 4.7% during the third quarter. Vanguard Group Inc. now owns 3,035,901 shares of the company’s stock valued at $14,329,000 after purchasing an additional 135,343 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of Cadiz by 50.2% during the second quarter. Bank of America Corp DE now owns 1,517,751 shares of the company’s stock worth $4,538,000 after purchasing an additional 507,449 shares in the last quarter. 79.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Zacks Research upgraded Cadiz from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 14th. Wall Street Zen downgraded shares of Cadiz from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cadiz in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $10.00.

About Cadiz

Cadiz Inc, together with its subsidiaries, provides water solutions in the United States. The company operates through Land and Water Resources; and Water Filtration Technology segments. It offers water supply, water storage, water conveyance, and water filtration services. In addition, the company is involved in the cultivation of grain crops and alfalfa, as well as provides water filtration solutions for impaired or contaminated groundwater sources.