Kodiak AI (NASDAQ:KDK) Shares Up 7.5% – Still a Buy?

Kodiak AI, Inc. (NASDAQ:KDK) rose 7.5% during mid-day trading on Wednesday . The stock traded as high as $8.60 and last traded at $8.5250. Approximately 291,149 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 637,068 shares. The stock had previously closed at $7.93.

Analyst Ratings Changes

Several brokerages have issued reports on KDK. TD Cowen dropped their target price on Kodiak AI from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, March 12th. Chardan Capital decreased their price target on Kodiak AI from $22.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Kodiak AI in a report on Friday, March 27th. Citigroup cut their price objective on Kodiak AI from $13.50 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Northland Securities set a $11.00 target price on Kodiak AI in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.60.

Kodiak AI Stock Performance

The firm has a market capitalization of $1.47 billion, a P/E ratio of -8.86 and a beta of 0.40. The stock’s 50 day simple moving average is $8.23 and its 200 day simple moving average is $8.43.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of KDK. JPMorgan Chase & Co. bought a new stake in Kodiak AI during the 3rd quarter valued at $36,000. Parkside Financial Bank & Trust purchased a new position in shares of Kodiak AI during the fourth quarter valued at $44,000. Farther Finance Advisors LLC bought a new stake in shares of Kodiak AI in the fourth quarter valued at about $78,000. Cannon Global Investment Management LLC bought a new stake in shares of Kodiak AI in the first quarter valued at about $119,000. Finally, Bank of New York Mellon Corp lifted its stake in Kodiak AI by 143.5% in the first quarter. Bank of New York Mellon Corp now owns 25,779 shares of the company’s stock worth $179,000 after acquiring an additional 15,190 shares during the period. 72.95% of the stock is currently owned by hedge funds and other institutional investors.

Kodiak AI Company Profile

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.