Coda Octopus Group (NASDAQ:CODA) Major Shareholder Sells $139,359.00 in Stock

Key Points

• Niels Sondergaard, a major shareholder of Coda Octopus Group, sold a total of $139,359 worth of shares, reducing his ownership by 0.77% to 2,202,224 shares.
• Coda Octopus Group's stock price traded down to $8.07 with a market cap of $90.79 million, following a twelve-month high of $9.89.
• The company recently reported quarterly earnings of $0.11 EPS, exceeding analysts' expectations of $0.09.

Coda Octopus Group Inc. (NASDAQ:CODA - Get Free Report) major shareholder Niels Sondergaard sold 16,995 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $8.20, for a total transaction of $139,359.00. Following the completion of the transaction, the insider directly owned 2,202,224 shares in the company, valued at $18,058,236.80. This trade represents a 0.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own at least 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 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 Stock Performance

NASDAQ CODA traded down $0.16 during trading on Tuesday, reaching $8.07. The company's stock had a trading volume of 38,277 shares, compared to its average volume of 42,481. The firm has a market cap of $90.79 million, a price-to-earnings ratio of 26.90 and a beta of 0.60. Coda Octopus Group Inc. has a twelve month low of $5.76 and a twelve month high of $9.89. The business's fifty day moving average price is $7.82 and its 200-day moving average price is $7.24.

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

Analyst Upgrades and Downgrades

CODA has been the topic of a number of recent analyst reports. Wall Street Zen lowered shares of Coda Octopus Group from a "buy" rating to a "hold" rating in a research note on Saturday, September 13th. Alliance Global Partners reaffirmed a "buy" rating on shares of Coda Octopus Group in a report on Monday, June 16th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Coda Octopus Group presently has a consensus rating of "Buy" and an average price target of $11.00.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CODA. Osaic Holdings Inc. lifted its position 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 during the period. Jane Street Group LLC acquired a new stake in shares of Coda Octopus Group in the 2nd quarter worth approximately $207,000. Marshall Wace LLP purchased a new position in Coda Octopus Group in the 2nd quarter valued at approximately $104,000. Corsair Capital Management L.P. acquired a new position in Coda Octopus Group during the second quarter worth $127,000. Finally, Citadel Advisors LLC boosted its position in Coda Octopus Group by 90.1% during the fourth quarter. Citadel Advisors LLC now owns 50,804 shares of the company's stock worth $398,000 after purchasing an additional 24,084 shares in the last quarter. 20.12% of the stock is owned by hedge funds and other institutional investors.

Coda Octopus Group Company Profile

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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