Oppenheimer Begins Coverage on Kodiak AI (NASDAQ:KDK)

Key Points

• Oppenheimer initiated coverage of Kodiak AI with an “outperform” rating and a $9 price target, implying 137.47% upside from the prior close.
• Analyst sentiment is mixed but leans positive: Kodiak AI has a consensus “Moderate Buy” rating and an average target price of $12, despite some sell and strong-sell downgrades.
• Shares opened at $3.79 after falling 3.8%, while the company reported a quarterly EPS loss of $0.50—worse than the expected $0.17 loss—and revenue of $3.5 million.

Equities researchers at Oppenheimer initiated coverage on shares of Kodiak AI (NASDAQ:KDK - Get Free Report) in a report issued on Tuesday,Benzinga reports. The brokerage set an "outperform" rating and a $9.00 price target on the stock. Oppenheimer's target price indicates a potential upside of 137.47% from the stock's previous close.

KDK has been the subject of a number of other reports. Weiss Ratings lowered Kodiak AI from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, July 17th. Northland Securities set a $11.00 price objective on shares of Kodiak AI in a report on Monday, May 11th. Citigroup restated a "buy" rating on shares of Kodiak AI in a research report on Wednesday, August 19th. Craig Hallum initiated coverage on shares of Kodiak AI in a research note on Monday, June 15th. They issued a "buy" rating and a $12.00 target price for the company. Finally, Wall Street Zen downgraded shares of Kodiak AI from a "sell" rating to a "strong sell" rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $12.00.

Kodiak AI Stock Down 3.8%

Shares of KDK stock opened at $3.79 on Tuesday. The company has a market capitalization of $760.35 million, a P/E ratio of -0.80 and a beta of 0.45. Kodiak AI has a 12-month low of $3.76 and a 12-month high of $11.44. The firm has a 50-day moving average price of $4.70 and a 200 day moving average price of $6.85.

Kodiak AI (NASDAQ:KDK - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.33). The firm had revenue of $3.50 million for the quarter. As a group, research analysts expect that Kodiak AI will post -0.63 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Alyeska Investment Group L.P. acquired a new stake in shares of Kodiak AI during the second quarter worth $19,538,000. Hsbc Holdings PLC bought a new stake in Kodiak AI in the second quarter valued at about $248,000. Bank of America Corp DE acquired a new position in Kodiak AI in the second quarter valued at about $586,000. The Manufacturers Life Insurance Company acquired a new position in Kodiak AI in the second quarter valued at about $103,000. Finally, BlackRock Inc. bought a new position in Kodiak AI during the second quarter worth about $9,073,000. Institutional investors and hedge funds own 72.95% of the company's stock.

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.

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