Kodiak AI (NASDAQ:KDK) Stock Price Down 7.9% – What’s Next?

Shares of Kodiak AI, Inc. (NASDAQ:KDK) fell 7.9% during mid-day trading on Wednesday . The company traded as low as $9.13 and last traded at $9.19. 371,111 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 659,582 shares. The stock had previously closed at $9.98.

Wall Street Analysts Forecast Growth

KDK has been the topic of a number of analyst reports. Chardan Capital reiterated a “buy” rating and set a $22.00 price objective on shares of Kodiak AI in a research report on Thursday, November 13th. Cantor Fitzgerald started coverage on Kodiak AI in a report on Monday, October 20th. They set an “overweight” rating and a $13.00 price target on the stock. Wall Street Zen cut shares of Kodiak AI to a “strong sell” rating in a research report on Friday, November 28th. Citigroup started coverage on shares of Kodiak AI in a research report on Monday, October 20th. They set a “buy” rating and a $13.50 price objective for the company. Finally, Northland Securities set a $17.00 target price on shares of Kodiak AI in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Kodiak AI currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.90.

Kodiak AI Stock Up 2.2%

The stock’s fifty day moving average price is $8.56. The company has a market cap of $1.70 billion, a PE ratio of -27.59 and a beta of -0.41.

Kodiak AI (NASDAQ:KDK) last announced its 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 business had revenue of $0.77 million for the quarter, compared to the consensus estimate of $0.50 million.

Institutional Trading of Kodiak AI

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. acquired a new position in Kodiak AI during the third quarter worth $36,000. ARK Investment Management LLC purchased a new stake in shares of Kodiak AI in the 3rd quarter valued at $6,290,000. Amova Asset Management Americas Inc. acquired a new position in Kodiak AI during the 3rd quarter worth about $4,228,000. Barclays PLC purchased a new position in Kodiak AI during the 3rd quarter valued at about $830,000. Finally, UBS Group AG acquired a new position in Kodiak AI in the 3rd quarter valued at about $1,059,000. Hedge funds and other institutional investors own 72.95% of the company’s stock.

About Kodiak AI

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.