Coda Octopus Group (NASDAQ:CODA) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen lowered shares of Coda Octopus Group (NASDAQ:CODA) from a buy rating to a hold rating in a report released on Sunday.

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Coda Octopus Group in a research note on Monday, December 8th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy”.

Coda Octopus Group Trading Up 1.0%

Shares of NASDAQ CODA opened at $9.09 on Friday. The firm has a market capitalization of $102.26 million, a price-to-earnings ratio of 30.30 and a beta of 0.61. Coda Octopus Group has a one year low of $5.76 and a one year high of $10.54. The business has a fifty day simple moving average of $9.01 and a 200 day simple moving average of $8.21.

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

Insider Activity

In other news, major shareholder Niels Sondergaard sold 150,000 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $8.15, for a total value of $1,222,500.00. Following the transaction, the insider directly owned 2,045,211 shares of the company’s stock, valued at $16,668,469.65. The trade was a 6.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 206,370 shares of company stock valued at $1,685,214 in the last three months. Insiders own 21.80% of the company’s stock.

Hedge Funds Weigh In On Coda Octopus Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE grew its holdings in shares of Coda Octopus Group by 5,475.0% during the third 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 last quarter. Marshall Wace LLP bought a new stake in Coda Octopus Group during the 2nd quarter worth about $104,000. Corsair Capital Management L.P. bought a new stake in Coda Octopus Group during the 2nd quarter worth about $127,000. Jane Street Group LLC acquired a new stake in Coda Octopus Group in the 2nd quarter valued at about $207,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Coda Octopus Group by 2.6% in the third quarter. Dimensional Fund Advisors LP now owns 61,561 shares of the company’s stock worth $494,000 after acquiring an additional 1,562 shares during the last quarter. Institutional investors and hedge funds own 20.12% of the company’s stock.

About Coda Octopus Group

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.