Coda Octopus Group (NASDAQ:CODA) Major Shareholder Niels Sondergaard Sells 150,000 Shares

Key Points

• Major shareholder Niels Sondergaard sold 150,000 shares of Coda Octopus Group on October 2nd for a total of $1,222,500, reducing his ownership by 6.83%.
• Following the sale, Sondergaard retained 2,045,211 shares valued at approximately $16.67 million.
• Coda Octopus Group's stock recently traded at $8.72, with a market capitalization of $98.10 million and an average price target set at $11.00 by analysts.

Coda Octopus Group Inc. (NASDAQ:CODA - Get Free Report) major shareholder Niels Sondergaard sold 150,000 shares of the stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $8.15, for a total transaction of $1,222,500.00. Following the completion of the transaction, the insider directly owned 2,045,211 shares of the company's stock, valued at approximately $16,668,469.65. This trade represents a 6.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Niels Sondergaard also recently made the following trade(s):

• On Tuesday, September 23rd, Niels Sondergaard sold 7,013 shares of Coda Octopus Group stock. The shares were sold at an average price of $8.13, for a total transaction of $57,015.69.
• On Monday, September 22nd, Niels Sondergaard sold 16,995 shares of Coda Octopus Group stock. The shares were sold at an average price of $8.20, for a total transaction of $139,359.00.
• On Friday, September 19th, Niels Sondergaard sold 32,362 shares of Coda Octopus Group stock. The shares were sold at an average price of $8.23, for a total transaction of $266,339.26.

Coda Octopus Group Price Performance

Coda Octopus Group stock traded up $0.34 during mid-day trading on Friday, reaching $8.72. The company had a trading volume of 90,179 shares, compared to its average volume of 44,007. Coda Octopus Group Inc. has a 1 year low of $5.76 and a 1 year high of $9.89. The company has a market capitalization of $98.10 million, a P/E ratio of 29.07 and a beta of 0.53. The stock's 50-day simple moving average is $7.85 and its 200-day simple moving average is $7.32.

Coda Octopus Group (NASDAQ:CODA - Get Free Report) last released its earnings results on Monday, September 15th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.09 by $0.02. The firm had revenue of $7.07 million during the quarter, compared to analysts' expectations of $7.07 million. Coda Octopus Group had a net margin of 14.09% and a return on equity of 6.26%.

Analysts Set New Price Targets

Several research firms have commented on CODA. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Coda Octopus Group in a research note on Saturday, September 27th. Alliance Global Partners reaffirmed a "buy" rating on shares of Coda Octopus Group in a research note on Monday, June 16th. Finally, Wall Street Zen cut shares of Coda Octopus Group from a "buy" rating to a "hold" rating in a research note on Saturday, September 13th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Coda Octopus Group currently has an average rating of "Moderate Buy" and an average price target of $11.00.

Hedge Funds Weigh In On Coda Octopus Group

Several hedge funds and other institutional investors have recently made changes to their positions in CODA. Marshall Wace LLP acquired a new position in shares of Coda Octopus Group during the 2nd quarter valued at $104,000. Corsair Capital Management L.P. acquired a new position in shares of Coda Octopus Group during the 2nd quarter valued at $127,000. Jane Street Group LLC acquired a new position in shares of Coda Octopus Group during the 2nd quarter valued at $207,000. Finally, Osaic Holdings Inc. lifted its holdings in shares of Coda Octopus Group by 18.6% during the 2nd quarter. Osaic Holdings Inc. now owns 79,434 shares of the company's stock valued at $650,000 after acquiring an additional 12,433 shares in the last quarter. Institutional investors and hedge funds own 20.12% of the company's stock.

About Coda Octopus Group

Coda Octopus Group, Inc, together with its subsidiaries, develops, sells, and rentals underwater technologies and equipment for real time 3D imaging, mapping, defense, and survey applications in the Americas, Europe, Australia, Asia, the Middle East, and Africa. The company operates through two segments, Marine Engineering Business and Marine Technology Business.

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