Coda Octopus Group (NASDAQ:CODA) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Coda Octopus Group (NASDAQ:CODA) from a buy rating to a hold rating in a report issued 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 equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Coda Octopus Group presently has a consensus rating of “Moderate Buy”.

Coda Octopus Group Price Performance

NASDAQ:CODA opened at $9.26 on Friday. Coda Octopus Group has a 1 year low of $5.76 and a 1 year high of $10.54. The stock’s 50 day simple moving average is $9.02 and its two-hundred day simple moving average is $8.24. The company has a market cap of $104.18 million, a price-to-earnings ratio of 30.87 and a beta of 0.61.

Coda Octopus Group (NASDAQ:CODA) last posted its earnings results on Monday, September 15th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. The firm 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%.

Insiders Place Their Bets

In other news, major shareholder Niels Sondergaard sold 150,000 shares of the stock in a transaction 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 sale, the insider owned 2,045,211 shares of the company’s stock, valued at approximately $16,668,469.65. This represents a 6.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 206,370 shares of company stock worth $1,685,214 in the last quarter. Insiders own 21.80% of the company’s stock.

Hedge Funds Weigh In On Coda Octopus Group

Large investors have recently made changes to their positions in the company. Bank of America Corp DE raised its position in 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 bought a new position in shares of Coda Octopus Group during the second quarter valued at approximately $104,000. Corsair Capital Management L.P. bought a new position in shares of Coda Octopus Group during the second quarter valued at approximately $127,000. Jane Street Group LLC purchased a new stake in shares of Coda Octopus Group in the second quarter worth approximately $207,000. Finally, Dimensional Fund Advisors LP raised its holdings 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 buying an additional 1,562 shares during the period. 20.12% of the stock is owned by hedge funds and other institutional investors.

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.