Coda Octopus Group (NASDAQ:CODA) Raised to “Buy” at Wall Street Zen

Coda Octopus Group (NASDAQ:CODA) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Coda Octopus Group in a research report on Monday, December 1st. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

Coda Octopus Group Stock Performance

Shares of CODA stock opened at $8.59 on Friday. The firm has a market cap of $96.64 million, a price-to-earnings ratio of 28.63 and a beta of 0.61. Coda Octopus Group has a 52 week low of $5.76 and a 52 week high of $10.54. The firm’s 50-day simple moving average is $8.94 and its two-hundred day simple moving average is $8.16.

Coda Octopus Group (NASDAQ:CODA) last issued its quarterly earnings results on Monday, September 15th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.02. The company had revenue of $7.06 million during the quarter, compared to analyst estimates of $7.07 million. Coda Octopus Group had a net margin of 14.09% and a return on equity of 6.26%.

Insider Buying and Selling

In related news, major shareholder Niels Sondergaard sold 150,000 shares of Coda Octopus Group stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $8.15, for a total value of $1,222,500.00. Following the completion of the transaction, the insider directly owned 2,045,211 shares in the company, valued at approximately $16,668,469.65. The trade was a 6.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 206,370 shares of company stock valued at $1,685,214. 21.80% of the stock is currently owned by company insiders.

Institutional Trading of Coda Octopus Group

Institutional investors and hedge funds have recently modified their holdings of the business. Jane Street Group LLC purchased a new stake in shares of Coda Octopus Group in the 2nd quarter worth approximately $207,000. Corsair Capital Management L.P. bought a new stake in Coda Octopus Group in the second quarter worth $127,000. Marshall Wace LLP purchased a new stake in shares of Coda Octopus Group in the second quarter worth $104,000. Osaic Holdings Inc. increased its holdings in shares of Coda Octopus Group by 18.6% during the second quarter. Osaic Holdings Inc. now owns 79,434 shares of the company’s stock valued at $650,000 after acquiring an additional 12,433 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Coda Octopus Group by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 304,058 shares of the company’s stock worth $2,440,000 after purchasing an additional 6,231 shares during the last quarter. Hedge funds and other institutional investors own 20.12% of the company’s stock.

Coda Octopus Group Company Profile

Coda Octopus Group, Inc, together with its subsidiaries, develops, sells, and rentals underwater technologies and equipment for real time 3D imaging, mapping, defense, and survey applications in the Americas, Europe, Australia, Asia, the Middle East, and Africa. The company operates through two segments, Marine Engineering Business and Marine Technology Business.