Coda Octopus Group (NASDAQ:CODA) Cut to “Hold” at Wall Street Zen

Coda Octopus Group (NASDAQ:CODA) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Coda Octopus Group in a research report on Monday, November 17th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy”.

Coda Octopus Group Price Performance

Shares of CODA opened at $8.13 on Friday. The firm has a market capitalization of $91.45 million, a P/E ratio of 27.10 and a beta of 0.55. Coda Octopus Group has a one year low of $5.76 and a one year high of $10.54. The business has a fifty day moving average of $8.85 and a 200 day moving average of $8.02.

Coda Octopus Group (NASDAQ:CODA) last announced its earnings results on Monday, September 15th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.02. The business had revenue of $7.06 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%.

Insider Activity

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

Hedge Funds Weigh In On Coda Octopus Group

A number of hedge funds have recently modified their holdings of the company. Bank of America Corp DE raised its position in shares of Coda Octopus Group by 5,475.0% during the 3rd quarter. Bank of America Corp DE now owns 3,122 shares of the company’s stock valued at $25,000 after purchasing an additional 3,066 shares during the period. Marshall Wace LLP bought a new stake in Coda Octopus Group during the second quarter valued at about $104,000. Corsair Capital Management L.P. purchased a new position in shares of Coda Octopus Group in the second quarter valued at about $127,000. Jane Street Group LLC bought a new position in shares of Coda Octopus Group in the second quarter worth about $207,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Coda Octopus Group by 2.6% during the third quarter. Dimensional Fund Advisors LP now owns 61,561 shares of the company’s stock worth $494,000 after purchasing an additional 1,562 shares in the last quarter. 20.12% of the stock is currently owned by 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.