Coda Octopus Group (NASDAQ:CODA) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Coda Octopus Group (NASDAQ:CODA) from a buy rating to a hold rating in a research note published on Sunday.

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Coda Octopus Group in a report on Monday, November 17th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Coda Octopus Group currently has a consensus rating of “Moderate Buy”.

Coda Octopus Group Price Performance

Coda Octopus Group stock opened at $8.67 on Friday. Coda Octopus Group has a 12 month low of $5.76 and a 12 month high of $10.54. The company has a fifty day moving average price of $8.87 and a two-hundred day moving average price of $8.05. The company has a market cap of $97.53 million, a PE ratio of 28.90 and a beta of 0.55.

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

Insider Activity at Coda Octopus Group

In related news, major shareholder Niels Sondergaard sold 150,000 shares of the stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $8.15, for a total value of $1,222,500.00. Following the sale, the insider owned 2,045,211 shares of the company’s stock, valued at $16,668,469.65. This trade represents a 6.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 206,370 shares of company stock worth $1,685,214 in the last three months. 21.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of America Corp DE increased its stake in shares of 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 during the period. Dimensional Fund Advisors LP boosted its position in shares of Coda Octopus Group by 2.6% during the third quarter. Dimensional Fund Advisors LP now owns 61,561 shares of the company’s stock worth $494,000 after buying an additional 1,562 shares during the period. Vanguard Group Inc. grew its holdings in Coda Octopus Group by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 304,058 shares of the company’s stock worth $2,440,000 after buying an additional 6,231 shares in the last quarter. Osaic Holdings Inc. grew its holdings in Coda Octopus Group by 18.6% in the 2nd quarter. Osaic Holdings Inc. now owns 79,434 shares of the company’s stock worth $650,000 after buying an additional 12,433 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in Coda Octopus Group in the 2nd quarter valued at approximately $207,000. Institutional investors own 20.12% of the company’s stock.

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.