Coda Octopus Group (NASDAQ:CODA) Trading Down 2.1% on Insider Selling

Coda Octopus Group Inc. (NASDAQ:CODA) shares traded down 2.1% on Monday following insider selling activity. The stock traded as low as $8.40 and last traded at $8.54. 51,771 shares were traded during mid-day trading, a decline of 44% from the average session volume of 92,178 shares. The stock had previously closed at $8.72.

Specifically, major shareholder Niels Sondergaard sold 150,000 shares of the business’s stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $8.15, for a total transaction of $1,222,500.00. Following the completion of the sale, the insider owned 2,045,211 shares of the company’s stock, valued at $16,668,469.65. The trade was a 6.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

A number of research firms recently weighed in on CODA. Wall Street Zen lowered shares of Coda Octopus Group from a “buy” rating to a “hold” rating in a research report on Saturday, September 13th. Weiss Ratings restated a “hold (c)” rating on shares of Coda Octopus Group in a research report on Saturday, September 27th. Finally, Alliance Global Partners restated a “buy” rating on shares of Coda Octopus Group in a research report on Monday, June 16th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Coda Octopus Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.00.

Coda Octopus Group Price Performance

The stock has a market capitalization of $96.08 million, a price-to-earnings ratio of 28.47 and a beta of 0.53. The business has a fifty day moving average of $7.90 and a 200 day moving average of $7.36.

Coda Octopus Group (NASDAQ:CODA) last released its quarterly earnings data on Monday, September 15th. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. The firm had revenue of $7.07 million for the quarter, compared to analysts’ expectations of $7.07 million. Coda Octopus Group had a return on equity of 6.26% and a net margin of 14.09%.

Institutional Investors Weigh In On Coda Octopus Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Osaic Holdings Inc. raised its stake in shares of Coda Octopus Group by 18.6% in the 2nd quarter. Osaic Holdings Inc. now owns 79,434 shares of the company’s stock valued at $650,000 after acquiring an additional 12,433 shares during the period. Jane Street Group LLC purchased a new stake in shares of Coda Octopus Group in the 2nd quarter valued at approximately $207,000. Marshall Wace LLP purchased a new stake in shares of Coda Octopus Group in the 2nd quarter valued at approximately $104,000. Finally, Corsair Capital Management L.P. purchased a new stake in shares of Coda Octopus Group in the 2nd quarter valued at approximately $127,000. 20.12% of the stock is owned by hedge funds and other institutional investors.

Coda Octopus Group Company Profile

Coda Octopus Group, Inc, together with its subsidiaries, develops, sells, and rentals underwater technologies and equipment for real time 3D imaging, mapping, defense, and survey applications in the Americas, Europe, Australia, Asia, the Middle East, and Africa. The company operates through two segments, Marine Engineering Business and Marine Technology Business.