Coda Octopus Group (NASDAQ:CODA) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Coda Octopus Group (NASDAQ:CODA - Free Report) from a hold rating to a buy rating in a research note published on Sunday.

Separately, Alliance Global Partners reissued a "buy" rating on shares of Coda Octopus Group in a research report on Monday, June 16th.

Coda Octopus Group Stock Performance

NASDAQ:CODA traded up $0.19 during mid-day trading on Friday, hitting $8.02. 19,499 shares of the company's stock traded hands, compared to its average volume of 34,719. The company has a market cap of $90.06 million, a PE ratio of 26.73 and a beta of 0.66. The firm's 50 day simple moving average is $6.93 and its 200 day simple moving average is $7.32. Coda Octopus Group has a 1 year low of $5.76 and a 1 year high of $9.89.

Coda Octopus Group (NASDAQ:CODA - Get Free Report) last issued its quarterly earnings data on Monday, June 16th. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.03 by $0.05. Coda Octopus Group had a net margin of 15.04% and a return on equity of 6.37%. The business had revenue of $7.02 million during the quarter, compared to analysts' expectations of $6.16 million.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Northern Trust Corp raised its holdings in shares of Coda Octopus Group by 52.9% in the 4th quarter. Northern Trust Corp now owns 38,833 shares of the company's stock worth $304,000 after purchasing an additional 13,442 shares during the period. Citadel Advisors LLC raised its holdings in Coda Octopus Group by 90.1% in the fourth quarter. Citadel Advisors LLC now owns 50,804 shares of the company's stock valued at $398,000 after buying an additional 24,084 shares during the period. Dimensional Fund Advisors LP lifted its position in Coda Octopus Group by 3.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 59,999 shares of the company's stock valued at $470,000 after buying an additional 2,180 shares in the last quarter. Geode Capital Management LLC lifted its position in Coda Octopus Group by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 59,424 shares of the company's stock valued at $465,000 after buying an additional 2,054 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in Coda Octopus Group by 137.2% during the fourth quarter. Renaissance Technologies LLC now owns 23,751 shares of the company's stock worth $186,000 after buying an additional 13,737 shares during the period. 20.12% of the stock is currently owned by hedge funds and other institutional investors.

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.