Cadiz (NASDAQ:CDZI) Upgraded to Hold at Zacks Research

Cadiz (NASDAQ:CDZI) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Thursday, Zacks reports.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Cadiz in a research note on Tuesday, September 1st. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cadiz has a consensus rating of “Hold” and an average target price of $10.00.

Cadiz Stock Performance

Shares of CDZI stock traded down $0.16 on Thursday, reaching $3.16. The stock had a trading volume of 737,529 shares, compared to its average volume of 1,240,242. Cadiz has a 12 month low of $2.87 and a 12 month high of $6.96. The firm has a market capitalization of $268.66 million, a price-to-earnings ratio of -6.32 and a beta of 1.82. The firm’s 50-day moving average is $3.79 and its two-hundred day moving average is $4.24. The company has a quick ratio of 0.96, a current ratio of 1.16 and a debt-to-equity ratio of 24.97.

Cadiz (NASDAQ:CDZI) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.03). The business had revenue of $0.98 million for the quarter, compared to the consensus estimate of $3.07 million. Cadiz had a negative return on equity of 206.79% and a negative net margin of 311.03%. On average, research analysts expect that Cadiz will post -0.55 EPS for the current fiscal year.

Institutional Trading of Cadiz

Hedge funds have recently modified their holdings of the stock. Corient Private Wealth LP bought a new stake in shares of Cadiz during the 2nd quarter worth approximately $43,000. Strid Group LLC acquired a new stake in shares of Cadiz during the 3rd quarter worth approximately $48,000. Joel Isaacson & Co. LLC bought a new position in Cadiz in the third quarter valued at approximately $82,000. Inceptionr LLC bought a new position in Cadiz in the first quarter valued at approximately $94,000. Finally, Royal Bank of Canada increased its stake in Cadiz by 797.4% in the first quarter. Royal Bank of Canada now owns 21,600 shares of the company’s stock valued at $106,000 after acquiring an additional 19,193 shares during the last quarter. Institutional investors and hedge funds own 79.75% of the company’s stock.

About Cadiz

Cadiz Inc. is a California-based land and water resource development company. It owns property in the eastern Mojave Desert, where it works on projects involving groundwater conservation, storage and delivery. The company’s principal water initiative, the Cadiz Water Project, is designed to capture and store groundwater and make supplies available to communities and water agencies in Southern California. The project depends on developing the infrastructure and obtaining necessary approvals. Cadiz also operates an agricultural business in the Mojave region, growing crops including lemons.