Coda Octopus Group (NASDAQ:CODA) Downgraded by Wall Street Zen to Hold

Coda Octopus Group (NASDAQ:CODA) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of Coda Octopus Group in a research report on Tuesday, October 14th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $11.00.

Coda Octopus Group Stock Performance

Shares of NASDAQ:CODA opened at $10.25 on Friday. Coda Octopus Group has a 1 year low of $5.76 and a 1 year high of $10.54. The stock has a market capitalization of $115.30 million, a P/E ratio of 34.17 and a beta of 0.53. The stock has a 50-day simple moving average of $8.69 and a 200-day simple moving average of $7.80.

Coda Octopus Group (NASDAQ:CODA) last issued its earnings results on Monday, September 15th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The business had revenue of $7.07 million during 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%.

Insider Activity at Coda Octopus Group

In other news, major shareholder Niels Sondergaard sold 150,000 shares of the stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $8.15, for a total transaction of $1,222,500.00. Following the completion of the transaction, the insider directly owned 2,045,211 shares in the company, valued at approximately $16,668,469.65. This represents a 6.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders sold 206,370 shares of company stock worth $1,685,214. Corporate insiders own 21.80% of the company’s stock.

Hedge Funds Weigh In On Coda Octopus Group

Several institutional investors and hedge funds have recently made changes to their positions in the business. Corsair Capital Management L.P. bought a new stake in Coda Octopus Group during the second quarter valued at $127,000. Jane Street Group LLC acquired a new stake in Coda Octopus Group in the second quarter worth $207,000. Osaic Holdings Inc. increased its position in Coda Octopus Group by 18.6% in the second quarter. Osaic Holdings Inc. now owns 79,434 shares of the company’s stock worth $650,000 after buying an additional 12,433 shares during the period. Finally, Marshall Wace LLP acquired a new stake in Coda Octopus Group in the second quarter worth $104,000. 20.12% of the stock is currently owned by hedge funds and other institutional investors.

About Coda Octopus Group

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.