Coda Octopus Group (NASDAQ:CODA) Trading 0.5% Higher - Here's What Happened

Key Points

• Coda Octopus Group (NASDAQ:CODA) saw its stock increase by 0.5% to $8.00, with trading volume significantly exceeding the usual amount at 88,700 shares.
• Analysts have a consensus “Buy” rating for CODA, with an average target price of $11.00, following upgrades from multiple research reports.
• The company reported earnings of $0.08 per share, surpassing estimates and generating revenue of $7.02 million, indicating strong performance compared to market expectations.

Coda Octopus Group Inc. (NASDAQ:CODA - Get Free Report) traded up 0.5% on Monday . The company traded as high as $8.23 and last traded at $8.00. 88,700 shares changed hands during mid-day trading, an increase of 108% from the average session volume of 42,743 shares. The stock had previously closed at $7.96.

Analyst Ratings Changes

CODA has been the topic of a number of research analyst reports. Alliance Global Partners reiterated a "buy" rating on shares of Coda Octopus Group in a report on Monday, June 16th. Wall Street Zen upgraded Coda Octopus Group from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Coda Octopus Group has a consensus rating of "Buy" and an average target price of $11.00.

Coda Octopus Group Price Performance

The company's 50 day simple moving average is $7.82 and its 200 day simple moving average is $7.19. The firm has a market cap of $90 million, a price-to-earnings ratio of 26.67 and a beta of 0.60.

Coda Octopus Group (NASDAQ:CODA - Get Free Report) last announced its earnings results on Monday, June 16th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $6.16 million.

Institutional Investors Weigh In On Coda Octopus Group

Institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake in shares of 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 acquiring an additional 2,180 shares during the period. Northern Trust Corp lifted its stake 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 valued at $304,000 after purchasing an additional 13,442 shares during the last quarter. Citadel Advisors LLC lifted its position in Coda Octopus Group by 90.1% during the 4th quarter. Citadel Advisors LLC now owns 50,804 shares of the company's stock worth $398,000 after acquiring an additional 24,084 shares during the last quarter. Corsair Capital Management L.P. bought a new position in Coda Octopus Group during the second quarter worth $127,000. Finally, Marshall Wace LLP acquired a new position in shares of Coda Octopus Group during the second quarter valued at about $104,000. 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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