Cadiz (NASDAQ:CDZI) Posts Quarterly Earnings Results, Misses Expectations By $0.67 EPS

Cadiz (NASDAQ:CDZI) issued its earnings results on Tuesday. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of $0.54 by ($0.67), FiscalAI reports. Cadiz had a negative net margin of 206.65% and a negative return on equity of 93.48%. The firm had revenue of $5.08 million during the quarter, compared to analyst estimates of $4.80 million.

Cadiz Price Performance

Cadiz stock traded down $0.10 on Thursday, reaching $4.97. The company’s stock had a trading volume of 145,335 shares, compared to its average volume of 766,352. The business’s fifty day moving average price is $5.25 and its 200 day moving average price is $5.33. The company has a debt-to-equity ratio of 3.14, a quick ratio of 0.96 and a current ratio of 1.26. The company has a market cap of $412.64 million, a price-to-earnings ratio of -10.34 and a beta of 2.05. Cadiz has a twelve month low of $2.13 and a twelve month high of $6.96.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CDZI. Weiss Ratings reissued a “sell (d-)” rating on shares of Cadiz in a report on Wednesday, January 21st. Wall Street Zen cut shares of Cadiz from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Finally, Maxim Group assumed coverage on shares of Cadiz in a report on Monday, February 2nd. They set a “buy” rating and a $10.00 price objective for the company. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $10.00.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CDZI. Virtu Financial LLC bought a new stake in Cadiz during the 4th quarter worth about $57,000. Invesco Ltd. raised its stake in shares of Cadiz by 31.0% in the fourth quarter. Invesco Ltd. now owns 24,673 shares of the company’s stock worth $138,000 after acquiring an additional 5,835 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Cadiz in the fourth quarter worth about $300,000. Cinctive Capital Management LP lifted its position in shares of Cadiz by 85.8% during the fourth quarter. Cinctive Capital Management LP now owns 193,002 shares of the company’s stock worth $1,083,000 after purchasing an additional 89,108 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Cadiz by 33.7% during the fourth quarter. AQR Capital Management LLC now owns 38,235 shares of the company’s stock worth $214,000 after purchasing an additional 9,634 shares in the last quarter. 79.75% of the stock is owned by institutional investors.

About Cadiz

Cadiz, Inc (NASDAQ: CDZI) is a Southern California–based water resource management company focused on developing and operating groundwater storage, recovery and conveyance projects. The company holds water rights and mineral rights on approximately 34,000 acres in the Mojave Desert and is chiefly known for advancing the Cadiz Water Project, a planned system to capture, store and distribute groundwater to urban and agricultural users in the region.

The company’s primary business activity centers on the development of infrastructure that enables sustainable groundwater banking.