Kodiak AI (NASDAQ:KDK) Shares Gap Down Following Weak Earnings

Kodiak AI, Inc. (NASDAQ:KDK)’s share price gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $8.81, but opened at $8.24. Kodiak AI shares last traded at $8.6710, with a volume of 116,657 shares trading hands.

The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.06). The company had revenue of $1.05 million for the quarter, compared to the consensus estimate of $0.52 million.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on KDK. Wall Street Zen downgraded Kodiak AI to a “strong sell” rating in a report on Friday, November 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Kodiak AI in a research report on Monday, December 29th. Finally, Chardan Capital restated a “buy” rating and set a $22.00 target price on shares of Kodiak AI in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Kodiak AI presently has an average rating of “Moderate Buy” and an average target price of $15.90.

Institutional Trading of Kodiak AI

Large investors have recently modified their holdings of the company. Amova Asset Management Americas Inc. bought a new position in Kodiak AI in the third quarter valued at about $4,228,000. ARK Investment Management LLC bought a new stake in shares of Kodiak AI during the 3rd quarter valued at about $6,290,000. Ieq Capital LLC bought a new stake in shares of Kodiak AI during the 4th quarter valued at about $186,000. Parkside Financial Bank & Trust purchased a new stake in shares of Kodiak AI during the 4th quarter valued at about $44,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Kodiak AI during the 3rd quarter valued at about $36,000. Institutional investors own 72.95% of the company’s stock.

Kodiak AI Trading Up 0.8%

The company has a 50 day moving average of $9.13. The firm has a market cap of $1.61 billion, a PE ratio of -26.10 and a beta of -0.33.

About Kodiak AI

We are a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to as our initial business combination. Our only activities since inception have been organizational activities and those necessary to prepare for this offering. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.