Coda Octopus Group (NASDAQ:CODA) Stock Price Down 2.1% on Insider Selling

Key Points

• Coda Octopus Group's stock fell by 2.1% after major shareholder Niels Sondergaard sold 150,000 shares at an average price of $8.15, resulting in a total transaction of $1.22 million.
• Following recent insider selling, research analysts have lowered their ratings, with Wall Street Zen changing to a "hold" from a "buy," while one analyst maintains a "buy" rating, giving the stock a consensus rating of "Moderate Buy".
• Coda Octopus reported a quarterly EPS of $0.11, exceeding the consensus estimate of $0.09, with revenue matching expectations at $7.07 million for the quarter ending September 15th.

Coda Octopus Group Inc. (NASDAQ:CODA - Get Free Report)'s stock price traded down 2.1% on Monday after an insider sold shares in the company. The stock traded as low as $8.40 and last traded at $8.54. 51,771 shares traded hands during trading, a decline of 44% from the average session volume of 92,178 shares. The stock had previously closed at $8.72.

Specifically, major shareholder Niels Sondergaard sold 150,000 shares of the firm's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $8.15, for a total transaction of $1,222,500.00. Following the completion of the sale, the insider directly owned 2,045,211 shares in the company, valued at approximately $16,668,469.65. This trade represents a 6.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Analyst Upgrades and Downgrades

CODA has been the subject of a number of research analyst reports. Wall Street Zen lowered shares of Coda Octopus Group from a "buy" rating to a "hold" rating in a research report on Saturday, September 13th. Weiss Ratings reiterated a "hold (c)" rating on shares of Coda Octopus Group in a research note on Saturday, September 27th. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Coda Octopus Group in a research report on Monday, June 16th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $11.00.

Coda Octopus Group Stock Performance

The stock has a market cap of $96.08 million, a P/E ratio of 28.47 and a beta of 0.53. The firm has a 50 day moving average of $7.90 and a two-hundred day moving average of $7.36.

Coda Octopus Group (NASDAQ:CODA - Get Free Report) last issued its quarterly 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. Coda Octopus Group had a return on equity of 6.26% and a net margin of 14.09%.The company had revenue of $7.07 million for the quarter, compared to the consensus estimate of $7.07 million.

Institutional Trading of Coda Octopus Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP bought a new position in shares of Coda Octopus Group during the 2nd quarter worth about $104,000. Corsair Capital Management L.P. acquired a new stake in Coda Octopus Group during the second quarter worth about $127,000. Jane Street Group LLC acquired a new position in Coda Octopus Group in the 2nd quarter valued at approximately $207,000. Finally, Osaic Holdings Inc. lifted its position in shares of Coda Octopus Group by 18.6% in the 2nd quarter. Osaic Holdings Inc. now owns 79,434 shares of the company's stock worth $650,000 after acquiring an additional 12,433 shares during the period. 20.12% of the stock is currently owned by institutional investors and hedge funds.

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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