Kodiak AI (NASDAQ:KDK) Shares Gap Down – Here’s What Happened

Shares of Kodiak AI, Inc. (NASDAQ:KDK) gapped down before the market opened on Tuesday . The stock had previously closed at $10.88, but opened at $10.25. Kodiak AI shares last traded at $9.67, with a volume of 165,587 shares.

Analysts Set New Price Targets

A number of analysts recently issued reports on KDK shares. Chardan Capital reissued a “buy” rating and issued a $22.00 target price on shares of Kodiak AI in a research report on Thursday, November 13th. Cantor Fitzgerald started coverage on Kodiak AI in a research note on Monday, October 20th. They issued an “overweight” rating and a $13.00 price objective for the company. TD Cowen initiated coverage on Kodiak AI in a report on Monday, November 10th. They issued a “buy” rating and a $14.00 price objective for the company. Northland Capmk raised shares of Kodiak AI to a “strong-buy” rating in a report on Wednesday, October 29th. Finally, Wall Street Zen downgraded shares of Kodiak AI to a “strong sell” rating in a research report on Friday, November 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.90.

Kodiak AI Stock Performance

The firm’s fifty day moving average is $7.66. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of -29.15 and a beta of -0.03.

Kodiak AI (NASDAQ:KDK) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.33). The company had revenue of $0.77 million during the quarter, compared to analysts’ expectations of $0.50 million.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. purchased a new position in shares of Kodiak AI in the third quarter valued at $36,000. Barclays PLC purchased a new position in shares of Kodiak AI during the 3rd quarter worth approximately $830,000. UBS Group AG purchased a new stake in Kodiak AI in the 3rd quarter valued at approximately $1,059,000. Meteora Capital LLC acquired a new stake in Kodiak AI during the 3rd quarter valued at $3,924,000. Finally, Amova Asset Management Americas Inc. purchased a new position in Kodiak AI during the third quarter worth $4,228,000. 72.95% of the stock is currently owned by institutional investors and hedge funds.

Kodiak AI Company Profile

We are a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to as our initial business combination. Our only activities since inception have been organizational activities and those necessary to prepare for this offering. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.