Cadiz (NASDAQ:CDZI) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Cadiz (NASDAQ:CDZI) from a strong sell rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

Several other analysts have also recently commented on the company. Maxim Group started coverage on Cadiz in a research report on Monday, February 2nd. They issued a “buy” rating and a $10.00 target price on the stock. Wall Street Zen cut Cadiz from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cadiz in a research report on Monday, April 20th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $10.00.

Cadiz Stock Up 3.2%

CDZI opened at $4.85 on Monday. Cadiz has a 12 month low of $2.75 and a 12 month high of $6.96. The company has a debt-to-equity ratio of 7.32, a current ratio of 1.88 and a quick ratio of 1.76. The stock has a market cap of $407.84 million, a P/E ratio of -10.54 and a beta of 1.81. The stock’s 50 day moving average price is $4.69 and its 200 day moving average price is $5.25.

Cadiz (NASDAQ:CDZI) last posted its earnings results on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Cadiz had a negative net margin of 221.43% and a negative return on equity of 129.97%. The business had revenue of $1.63 million during the quarter, compared to analyst estimates of $4.48 million. As a group, research analysts predict that Cadiz will post -0.4 earnings per share for the current year.

Insider Activity

In other news, Director David Mark O’hara purchased 110,865 shares of the stock in a transaction dated Tuesday, May 26th. The shares were bought at an average cost of $4.58 per share, for a total transaction of $507,761.70. Following the transaction, the director owned 117,841 shares in the company, valued at $539,711.78. This trade represents a 1,589.23% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Cadiz

Several hedge funds have recently modified their holdings of CDZI. Bank of America Corp DE increased its position in shares of Cadiz by 130.0% during the 3rd quarter. Bank of America Corp DE now owns 3,491,080 shares of the company’s stock valued at $16,478,000 after purchasing an additional 1,973,329 shares during the period. Levin Capital Strategies L.P. boosted its stake in shares of Cadiz by 12.9% during the 3rd quarter. Levin Capital Strategies L.P. now owns 3,661,547 shares of the company’s stock worth $17,283,000 after acquiring an additional 419,025 shares in the last quarter. Potomac Capital Management Inc. bought a new stake in shares of Cadiz during the 4th quarter worth $1,879,000. Stonehill Capital Management LLC bought a new stake in shares of Cadiz during the 4th quarter worth $1,859,000. Finally, Geode Capital Management LLC boosted its stake in shares of Cadiz by 19.8% during the 2nd quarter. Geode Capital Management LLC now owns 1,262,379 shares of the company’s stock worth $3,775,000 after acquiring an additional 208,830 shares in the last quarter. 79.75% of the stock is currently owned by institutional investors and hedge funds.

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.