Zacks Research Downgrades Kodiak AI (NASDAQ:KDK) to Strong Sell

Key Points

• Zacks Research downgraded Kodiak AI to “strong sell” from “hold,” although the broader analyst consensus remains “Moderate Buy” with a $10.89 price target.
• Kodiak AI shares opened at $3.60, down 5.5%, near their 12-month low of $3.48 and well below the 200-day moving average of $6.28.
• The company reported a quarterly loss of $0.50 per share, missing estimates by $0.33, on revenue of $3.50 million; institutional investors nevertheless own approximately 72.95% of the stock.

Kodiak AI (NASDAQ:KDK - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Tuesday, Zacks reports.

A number of other research analysts have also weighed in on the stock. Weiss Ratings lowered shares of Kodiak AI from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, July 17th. Craig Hallum started coverage on shares of Kodiak AI in a research report on Monday, June 15th. They set a "buy" rating and a $12.00 target price on the stock. Citigroup reissued a "buy" rating on shares of Kodiak AI in a research report on Wednesday, August 19th. Oppenheimer began coverage on Kodiak AI in a report on Tuesday, August 25th. They issued an "outperform" rating and a $9.00 target price for the company. Finally, Morgan Stanley began coverage on Kodiak AI in a research report on Friday, September 11th. They set an "equal weight" rating and a $9.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Kodiak AI currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.89.

Kodiak AI Stock Down 5.5%

Shares of NASDAQ:KDK opened at $3.60 on Tuesday. The stock has a market cap of $722.23 million, a price-to-earnings ratio of -0.76 and a beta of 0.42. Kodiak AI has a 12-month low of $3.48 and a 12-month high of $11.40. The business's 50 day moving average is $4.12 and its 200 day moving average is $6.28.

Kodiak AI (NASDAQ:KDK - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.33). The business had revenue of $3.50 million during the quarter. As a group, equities research analysts expect that Kodiak AI will post -0.92 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. bought a new position in shares of Kodiak AI during the 2nd quarter valued at approximately $19,538,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in Kodiak AI by 112.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,677,951 shares of the company's stock valued at $11,645,000 after purchasing an additional 888,480 shares during the last quarter. Amova Asset Management Americas Inc. grew its holdings in Kodiak AI by 112.5% during the first quarter. Amova Asset Management Americas Inc. now owns 1,677,951 shares of the company's stock valued at $11,628,000 after purchasing an additional 888,480 shares during the period. BlackRock Inc. bought a new position in Kodiak AI during the second quarter valued at $9,073,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Kodiak AI in the second quarter worth $1,276,000. 72.95% of the stock is currently owned by hedge funds and other institutional investors.

About Kodiak AI

Kodiak AI, Inc NASDAQ: KDK develops autonomous vehicle technology for the trucking and logistics industries. The company's platform is designed to enable self-driving commercial trucks, with an emphasis on improving freight transportation safety, efficiency and reliability.

Its products and services include autonomous-driving software, vehicle systems and supporting hardware designed for long-haul trucking applications. Kodiak's technology is intended to help commercial fleets operate vehicles with reduced dependence on human drivers, while supporting remote supervision, fleet management and deployment across defined freight routes.

The company was founded in 2018 as Kodiak Robotics by Don Burnett and has focused primarily on autonomous trucking in the United States.

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