Kodiak AI (NASDAQ:KDK) Trading Down 6.2% Following Analyst Downgrade

Kodiak AI, Inc. (NASDAQ:KDK)’s stock price fell 6.2% during trading on Wednesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock traded as low as $3.61 and last traded at $3.5750. Approximately 526,604 shares were traded during trading, a decline of 40% from the average session volume of 872,112 shares. The stock had previously closed at $3.81.

Several other equities analysts also recently issued reports on KDK. Needham & Company LLC assumed coverage on Kodiak AI in a research report on Wednesday, September 9th. They set a “buy” rating and a $8.00 price objective for the company. Craig Hallum started coverage on Kodiak AI in a research report on Monday, June 15th. They issued a “buy” rating and a $12.00 target price on the stock. Chardan Capital reaffirmed a “buy” rating and set a $12.00 target price on shares of Kodiak AI in a research note on Wednesday, September 9th. Morgan Stanley began coverage on Kodiak AI in a research report on Friday, September 11th. They set an “equal weight” rating and a $9.00 price target for the company. Finally, Citigroup reissued a “buy” rating on shares of Kodiak AI in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Kodiak AI has an average rating of “Moderate Buy” and a consensus target price of $10.89.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in KDK. Cannon Global Investment Management LLC bought a new stake in Kodiak AI during the first quarter worth approximately $119,000. The Manufacturers Life Insurance Company bought a new position in Kodiak AI during the 1st quarter valued at $125,000. HighTower Advisors LLC acquired a new position in shares of Kodiak AI during the 2nd quarter valued at $121,000. Royal Bank of Canada increased its position in shares of Kodiak AI by 502.2% during the 1st quarter. Royal Bank of Canada now owns 24,689 shares of the company’s stock valued at $171,000 after purchasing an additional 20,589 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in shares of Kodiak AI in the 2nd quarter worth $130,000. Institutional investors and hedge funds own 72.95% of the company’s stock.

Kodiak AI Stock Performance

The company has a market cap of $768.37 million, a P/E ratio of -0.81 and a beta of 0.42. The stock has a 50 day moving average price of $4.09 and a 200 day moving average price of $6.25.

Kodiak AI (NASDAQ:KDK) last announced its earnings results on Thursday, August 6th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.33). The company had revenue of $3.50 million during the quarter. As a group, equities research analysts predict that Kodiak AI, Inc. will post -0.92 earnings per share for the current year.

About Kodiak AI

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.