Coda Octopus Group (NASDAQ:CODA) Shares Down 1.5% – Here’s Why

Coda Octopus Group Inc. (NASDAQ:CODA)’s share price dropped 1.5% during trading on Monday . The stock traded as low as $10.38 and last traded at $10.49. Approximately 114,785 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 156,589 shares. The stock had previously closed at $10.65.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CODA shares. Wall Street Zen cut Coda Octopus Group from a “buy” rating to a “hold” rating in a report on Sunday, December 14th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Coda Octopus Group in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Coda Octopus Group has an average rating of “Moderate Buy”.

Coda Octopus Group Trading Down 1.5%

The company has a market cap of $118.01 million, a price-to-earnings ratio of 34.97 and a beta of 0.59. The business has a 50-day moving average price of $9.51 and a 200 day moving average price of $8.76.

Institutional Investors Weigh In On Coda Octopus Group

A number of large investors have recently made changes to their positions in CODA. Dimensional Fund Advisors LP lifted its position in shares of Coda Octopus Group by 2.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 61,561 shares of the company’s stock valued at $494,000 after acquiring an additional 1,562 shares in the last quarter. Bank of America Corp DE raised its stake in Coda Octopus Group by 5,475.0% during the 3rd 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. Vanguard Group Inc. lifted its holdings in shares of Coda Octopus Group by 2.1% in the third quarter. Vanguard Group Inc. now owns 304,058 shares of the company’s stock valued at $2,440,000 after purchasing an additional 6,231 shares in the last quarter. Osaic Holdings Inc. boosted its position in shares of Coda Octopus Group by 18.6% in the second quarter. Osaic Holdings Inc. now owns 79,434 shares of the company’s stock worth $650,000 after buying an additional 12,433 shares during the period. Finally, Marshall Wace LLP acquired a new stake in shares of Coda Octopus Group in the second quarter worth $104,000. Institutional investors and hedge funds own 20.12% of the company’s stock.

Coda Octopus Group Company Profile

Coda Octopus Group, Inc is a technology company that develops and sells real-time 3D sonar systems and related solutions for underwater applications. Its flagship Echoscope® real-time 3D sonar system enables clients to visualize subsea structures and seabed conditions in unprecedented detail. The company’s product portfolio also includes BathyCORR® geophysical survey processing software, a range of ROV and USV inspection tools, and advanced subsea positioning and motion reference units. These technologies support tasks such as inspection, maintenance, salvage, survey, and security in challenging marine environments.

The company serves a broad set of industries, including offshore oil and gas, marine mining, defense, civil engineering, telecommunications, and scientific research.