Zacks Research Upgrades Cadiz (NASDAQ:CDZI) to "Hold"

Key Points

• Zacks Research upgraded Cadiz from “strong sell” to “hold,” while Weiss Ratings maintained a “sell” rating. MarketBeat’s consensus rating is “hold,” with a $10 price target.
• Cadiz shares fell 4.8% to $3.16 on Thursday, below their 50-day and 200-day moving averages.
• The company reported a quarterly loss of $0.15 per share, worse than the $0.12 loss analysts expected, and revenue of $0.98 million versus a $3.07 million consensus estimate.

Cadiz (NASDAQ:CDZI - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Thursday, 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, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $10.00.

Cadiz Stock Down 4.8%

Shares of Cadiz stock traded down $0.16 during trading on Thursday, reaching $3.16. The stock had a trading volume of 737,529 shares, compared to its average volume of 1,240,242. The company has a current ratio of 1.16, a quick ratio of 0.96 and a debt-to-equity ratio of 24.97. The company has a market capitalization of $268.66 million, a price-to-earnings ratio of -6.32 and a beta of 1.82. The stock has a fifty day moving average price of $3.79 and a two-hundred day moving average price of $4.24. Cadiz has a 52 week low of $2.87 and a 52 week high of $6.96.

Cadiz (NASDAQ:CDZI - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.15) earnings per share (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 the consensus estimate of $3.07 million. Cadiz had a negative return on equity of 206.79% and a negative net margin of 311.03%. Sell-side analysts predict that Cadiz will post -0.55 EPS for the current fiscal year.

Institutional Trading of Cadiz

Hedge funds and other institutional investors have recently modified their holdings of the stock. Corient Private Wealth LP acquired a new position in Cadiz during the second quarter valued at approximately $43,000. Strid Group LLC acquired a new position in shares of Cadiz during the 3rd quarter worth approximately $48,000. Inceptionr LLC acquired a new position in shares of Cadiz during the 1st quarter worth approximately $94,000. Joel Isaacson & Co. LLC bought a new stake in shares of Cadiz during the 3rd quarter worth approximately $82,000. Finally, Royal Bank of Canada raised its stake in shares of Cadiz by 797.4% during the 1st quarter. Royal Bank of Canada now owns 21,600 shares of the company's stock worth $106,000 after purchasing an additional 19,193 shares in the last quarter. Institutional investors and hedge funds own 79.75% of the company's stock.

About Cadiz

Cadiz Inc. is a California-based land and water resource development company. It owns property in the eastern Mojave Desert, where it works on projects involving groundwater conservation, storage and delivery. The company's principal water initiative, the Cadiz Water Project, is designed to capture and store groundwater and make supplies available to communities and water agencies in Southern California. The project depends on developing the infrastructure and obtaining necessary approvals. Cadiz also operates an agricultural business in the Mojave region, growing crops including lemons.

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