Kodiak AI (NASDAQ:KDK) Hits New 12-Month Low – Here’s What Happened

Kodiak AI, Inc. (NASDAQ:KDK) shares reached a new 52-week low on Friday . The stock traded as low as $3.45 and last traded at $3.4850, with a volume of 885917 shares trading hands. The stock had previously closed at $3.83.

Analysts Set New Price Targets

Several brokerages have commented on KDK. Citigroup reiterated a “buy” rating on shares of Kodiak AI in a research report on Wednesday, August 19th. Needham & Company LLC assumed coverage on Kodiak AI in a research note on Wednesday, September 9th. They issued a “buy” rating and a $8.00 price target on the stock. Wall Street Zen lowered shares of Kodiak AI from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 22nd. Chardan Capital reissued a “buy” rating and issued a $12.00 target price on shares of Kodiak AI in a research note on Wednesday, September 9th. Finally, Zacks Research lowered Kodiak AI from a “hold” rating to a “strong sell” rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.89.

Kodiak AI Stock Down 9.0%

The business has a 50-day moving average price of $4.09 and a two-hundred day moving average price of $6.25. The company has a market capitalization of $699.16 million, a price-to-earnings ratio of -0.74 and a beta of 0.42.

Kodiak AI (NASDAQ:KDK) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.33). The company had revenue of $3.50 million during the quarter. On average, sell-side analysts anticipate that Kodiak AI, Inc. will post -0.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Kodiak AI

A number of large investors have recently made changes to their positions in KDK. Cannon Global Investment Management LLC bought a new position in Kodiak AI during the 1st quarter valued at approximately $119,000. The Manufacturers Life Insurance Company bought a new position in shares of Kodiak AI during the 1st quarter valued at about $125,000. HighTower Advisors LLC bought a new stake in Kodiak AI in the second quarter worth $121,000. Royal Bank of Canada lifted its holdings in shares of Kodiak AI by 502.2% in the 1st quarter. Royal Bank of Canada now owns 24,689 shares of the company’s stock valued at $171,000 after acquiring an additional 20,589 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Kodiak AI in the 2nd quarter worth about $130,000. 72.95% of the stock is currently owned by institutional investors.

Kodiak AI Company Profile

Kodiak AI, Inc (NASDAQ: KDK) develops autonomous vehicle technology for the trucking and logistics industries. The company’s platform is designed to enable self-driving commercial trucks, with an emphasis on improving freight transportation safety, efficiency and reliability.

Its products and services include autonomous-driving software, vehicle systems and supporting hardware designed for long-haul trucking applications. Kodiak’s technology is intended to help commercial fleets operate vehicles with reduced dependence on human drivers, while supporting remote supervision, fleet management and deployment across defined freight routes.

The company was founded in 2018 as Kodiak Robotics by Don Burnett and has focused primarily on autonomous trucking in the United States.