Short Interest in Coda Octopus Group Inc. (NASDAQ:CODA) Grows By 65.5%

Coda Octopus Group Inc. (NASDAQ:CODA) was the recipient of a significant increase in short interest during the month of January. As of January 15th, there was short interest totaling 98,698 shares, an increase of 65.5% from the December 31st total of 59,637 shares. Approximately 1.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 215,828 shares, the days-to-cover ratio is presently 0.5 days. Based on an average daily trading volume, of 215,828 shares, the days-to-cover ratio is presently 0.5 days. Approximately 1.1% of the shares of the stock are short sold.

Coda Octopus Group Price Performance

Shares of CODA traded down $0.22 during mid-day trading on Friday, hitting $10.65. 213,333 shares of the company’s stock were exchanged, compared to its average volume of 182,901. The company has a 50-day simple moving average of $9.69 and a 200 day simple moving average of $8.82. The company has a market cap of $120.03 million, a PE ratio of 29.58 and a beta of 0.58. Coda Octopus Group has a 52 week low of $5.76 and a 52 week high of $12.22.

Coda Octopus Group (NASDAQ:CODA) last posted its quarterly earnings results on Thursday, January 29th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. Coda Octopus Group had a return on equity of 7.36% and a net margin of 15.55%.The firm had revenue of $7.27 million for the quarter, compared to analysts’ expectations of $6.52 million.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Coda Octopus Group in a report on Monday, December 29th. Wall Street Zen upgraded shares of Coda Octopus Group from a “hold” rating to a “strong-buy” rating in a report on Saturday. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy”.

Hedge Funds Weigh In On Coda Octopus Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its holdings in shares of Coda Octopus Group by 5,475.0% in the 3rd quarter. Bank of America Corp DE now owns 3,122 shares of the company’s stock worth $25,000 after purchasing an additional 3,066 shares during the period. Marshall Wace LLP acquired a new stake in Coda Octopus Group in the second quarter valued at approximately $104,000. Corsair Capital Management L.P. purchased a new position in Coda Octopus Group during the second quarter worth approximately $127,000. Jane Street Group LLC acquired a new stake in Coda Octopus Group in the 2nd quarter valued at approximately $207,000. Finally, Dimensional Fund Advisors LP increased its position in Coda Octopus Group by 2.6% during the third quarter. Dimensional Fund Advisors LP now owns 61,561 shares of the company’s stock worth $494,000 after buying an additional 1,562 shares during the period. 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.