Cadiz (NASDAQ:CDZI) Stock Price Passes Below Two Hundred Day Moving Average – Here’s What Happened

Cadiz, Inc. (NASDAQ:CDZI) shares crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $5.32 and traded as low as $4.56. Cadiz shares last traded at $4.69, with a volume of 852,572 shares changing hands.

Wall Street Analysts Forecast Growth

CDZI has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cadiz in a report on Monday, April 20th. Maxim Group initiated coverage on shares of Cadiz in a report on Monday, February 2nd. They issued a “buy” rating and a $10.00 price objective for the company. Wall Street Zen cut shares of Cadiz from a “sell” rating to a “strong sell” rating in a report on Saturday, April 11th. Finally, Zacks Research downgraded Cadiz from a “hold” rating to a “strong sell” rating in a research report on Monday, April 6th. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $10.00.

Cadiz Stock Down 11.2%

The company has a market cap of $344.84 million, a PE ratio of -8.96 and a beta of 1.79. The business has a 50-day simple moving average of $4.86 and a 200-day simple moving average of $5.31. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 4.33.

Cadiz (NASDAQ:CDZI) last issued its quarterly earnings results on Friday, May 15th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). The business had revenue of $1.63 million for the quarter, compared to analysts’ expectations of $4.56 million. Cadiz had a negative return on equity of 115.06% and a negative net margin of 221.43%. Equities research analysts anticipate that Cadiz, Inc. will post -0.4 EPS for the current year.

Hedge Funds Weigh In On Cadiz

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP purchased a new position in shares of Cadiz in the third quarter valued at approximately $40,000. BNP Paribas Financial Markets lifted its position in Cadiz by 115.8% during the third quarter. BNP Paribas Financial Markets now owns 11,062 shares of the company’s stock worth $52,000 after buying an additional 5,935 shares in the last quarter. ProShare Advisors LLC purchased a new position in Cadiz during the fourth quarter worth approximately $56,000. LPL Financial LLC purchased a new position in Cadiz during the fourth quarter worth approximately $56,000. Finally, Sherbrooke Park Advisers LLC purchased a new position in Cadiz during the third quarter worth approximately $56,000. Hedge funds and other institutional investors own 79.75% of the company’s stock.

Cadiz Company Profile

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.