Cadiz (NASDAQ:CDZI) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Cadiz to “strong sell” from “hold,” while Weiss Ratings maintained a “sell (e+)” rating. The stock has an average analyst rating of “Reduce” and a consensus price target of $10.00.
• Cadiz reported weaker-than-expected quarterly results, with an EPS loss of $0.15 versus the $0.12 expected and revenue of $0.98 million versus the $3.07 million consensus estimate.
• Shares opened at $3.81, with a market capitalization of approximately $322.6 million and a 52-week range of $2.87 to $6.96. Institutional investors and hedge funds own about 79.75% of the company.

Cadiz (NASDAQ:CDZI - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Wednesday, Zacks reports.

Separately, Weiss Ratings reiterated a "sell (e+)" rating on shares of Cadiz in a report on Tuesday, September 1st. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $10.00.

Cadiz Price Performance

CDZI stock opened at $3.81 on Wednesday. The stock's 50 day moving average price is $3.69 and its 200 day moving average price is $4.02. The firm has a market cap of $322.63 million, a P/E ratio of -7.62 and a beta of 1.72. The company has a debt-to-equity ratio of 24.97, a quick ratio of 0.96 and a current ratio of 1.16. Cadiz has a 1 year low of $2.87 and a 1 year high of $6.96.

Cadiz (NASDAQ:CDZI - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.03). The firm had revenue of $0.98 million for the quarter, compared to analysts' expectations of $3.07 million. Cadiz had a negative return on equity of 206.79% and a negative net margin of 311.03%. On average, sell-side analysts expect that Cadiz will post -0.55 earnings per share for the current fiscal year.

Institutional Trading of Cadiz

A number of hedge funds have recently made changes to their positions in the stock. Squarepoint Ops LLC raised its position in shares of Cadiz by 193.6% during the 2nd quarter. Squarepoint Ops LLC now owns 127,578 shares of the company's stock worth $533,000 after purchasing an additional 84,129 shares during the period. Corient Private Wealth LP bought a new stake in shares of Cadiz in the 2nd quarter worth approximately $43,000. Ancora Advisors LLC acquired a new position in Cadiz during the 2nd quarter valued at approximately $195,000. Bank of New York Mellon Corp bought a new position in Cadiz during the 2nd quarter worth $794,000. Finally, Bank of America Corp DE increased its position in Cadiz by 0.3% in the first quarter. Bank of America Corp DE now owns 3,528,294 shares of the company's stock worth $17,324,000 after buying an additional 9,473 shares during the period. Institutional investors and hedge funds own 79.75% of the company's stock.

About Cadiz

Cadiz Inc NASDAQ: CDZI is a California-based water and natural resources company focused on developing, managing and supplying water in the southwestern United States. The company owns and manages land and water rights in California's Mojave Desert and is working to develop long-term water supply, storage and conservation projects.

Cadiz's principal initiative is the Cadiz Water Conservation, Storage and Supply Project in California's eastern Mojave Desert. The project is designed to conserve groundwater, improve regional water management and deliver water to participating public water agencies through existing and planned infrastructure.

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