Coda Octopus Group Inc. (NASDAQ:CODA) Short Interest Update

Key Points

• Short interest surged 185% in March to 206,823 shares (about 2.3% of shares sold short), with a days-to-cover ratio of 0.4 days.
• Coda beat estimates for the March quarter, reporting EPS of $0.08 versus $0.06 expected and revenue of $6.71 million versus $6.23 million expected.
• Analysts carry a consensus Moderate Buy rating (one Buy, one Hold), and institutional investors own roughly 20.12% of the company, with Vanguard holding 304,058 shares.

Coda Octopus Group Inc. (NASDAQ:CODA - Get Free Report) was the target of a large increase in short interest in March. As of March 13th, there was short interest totaling 206,823 shares, an increase of 185.0% from the February 26th total of 72,570 shares. Approximately 2.3% of the shares of the stock are sold short. Based on an average daily volume of 588,337 shares, the days-to-cover ratio is presently 0.4 days. Based on an average daily volume of 588,337 shares, the days-to-cover ratio is presently 0.4 days. Approximately 2.3% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

CODA has been the topic of a number of research analyst reports. Alliance Global Partners restated a "buy" rating on shares of Coda Octopus Group in a research report on Monday, February 9th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Coda Octopus Group in a report on Monday, December 29th. Finally, Wall Street Zen cut Coda Octopus Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 7th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy".

Coda Octopus Group Stock Performance

Shares of NASDAQ:CODA opened at $11.90 on Wednesday. Coda Octopus Group has a 52 week low of $5.76 and a 52 week high of $17.28. The firm has a market cap of $134.25 million, a PE ratio of 33.01 and a beta of 0.51. The firm's fifty day moving average is $12.64 and its 200-day moving average is $10.27.

Coda Octopus Group (NASDAQ:CODA - Get Free Report) last posted its quarterly earnings data on Tuesday, March 17th. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.02. The business had revenue of $6.71 million during the quarter, compared to the consensus estimate of $6.23 million. Coda Octopus Group had a return on equity of 7.17% and a net margin of 14.78%.

Hedge Funds Weigh In On Coda Octopus Group

A number of hedge funds have recently made changes to their positions in CODA. Dimensional Fund Advisors LP boosted its holdings in Coda Octopus Group by 2.6% in the third quarter. Dimensional Fund Advisors LP now owns 61,561 shares of the company's stock valued at $494,000 after acquiring an additional 1,562 shares during the last quarter. State Street Corp lifted its position in shares of Coda Octopus Group by 6.3% in the 4th quarter. State Street Corp now owns 33,903 shares of the company's stock worth $315,000 after purchasing an additional 2,000 shares during the period. Bank of America Corp DE lifted its position in shares of Coda Octopus Group by 5,475.0% in the 3rd quarter. Bank of America Corp DE now owns 3,122 shares of the company's stock worth $25,000 after purchasing an additional 3,066 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Coda Octopus Group by 50.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 15,000 shares of the company's stock valued at $140,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Coda Octopus Group by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 304,058 shares of the company's stock valued at $2,440,000 after purchasing an additional 6,231 shares during the last quarter. 20.12% of the stock is currently owned by institutional investors.

About Coda Octopus Group

Coda Octopus Group, Inc is a technology company that develops and sells real-time 3D sonar systems and related solutions for underwater applications. Its flagship Echoscope® real-time 3D sonar system enables clients to visualize subsea structures and seabed conditions in unprecedented detail. The company's product portfolio also includes BathyCORR® geophysical survey processing software, a range of ROV and USV inspection tools, and advanced subsea positioning and motion reference units. These technologies support tasks such as inspection, maintenance, salvage, survey, and security in challenging marine environments.

The company serves a broad set of industries, including offshore oil and gas, marine mining, defense, civil engineering, telecommunications, and scientific research.

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