Cadiz (NASDAQ:CDZI) Issues Quarterly Earnings Results, Misses Expectations By $0.05 EPS

Cadiz (NASDAQ:CDZI) announced its quarterly earnings data on Thursday. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.05), FiscalAI reports. The firm had revenue of $0.98 million during the quarter, compared to the consensus estimate of $3.07 million. Cadiz had a negative net margin of 221.43% and a negative return on equity of 129.97%.

Cadiz Price Performance

CDZI traded up $0.04 during trading on Thursday, reaching $3.51. 584,419 shares of the company were exchanged, compared to its average volume of 981,403. The company’s 50-day moving average is $3.69 and its two-hundred day moving average is $4.49. The company has a market cap of $295.16 million, a price-to-earnings ratio of -7.63 and a beta of 1.86. Cadiz has a 12-month low of $2.87 and a 12-month high of $6.96. The company has a quick ratio of 1.76, a current ratio of 1.88 and a debt-to-equity ratio of 7.32.

Analyst Upgrades and Downgrades

CDZI has been the subject of a number of research reports. Zacks Research upgraded shares of Cadiz from a “strong sell” rating to a “hold” rating in a research report on Monday, June 1st. Weiss Ratings cut shares of Cadiz from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Cadiz has a consensus rating of “Hold” and a consensus target price of $10.00.

Insider Transactions at Cadiz

In other news, Director David Mark O’hara purchased 110,865 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was purchased at an average cost of $4.58 per share, with a total value of $507,761.70. Following the acquisition, the director directly owned 117,841 shares in the company, valued at approximately $539,711.78. This trade represents a 1,589.23% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.31% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CDZI. Quarry LP purchased a new stake in shares of Cadiz in the 3rd quarter valued at about $40,000. LPL Financial LLC purchased a new position in shares of Cadiz during the fourth quarter worth about $56,000. Virtu Financial LLC bought a new position in shares of Cadiz in the fourth quarter worth approximately $57,000. BNP Paribas Financial Markets increased its position in shares of Cadiz by 115.8% in the third quarter. BNP Paribas Financial Markets now owns 11,062 shares of the company’s stock worth $52,000 after purchasing an additional 5,935 shares during the last quarter. Finally, Sherbrooke Park Advisers LLC purchased a new stake in Cadiz in the third quarter valued at approximately $56,000. 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.