Coda Octopus Group (NASDAQ:CODA) Shares Up 0.5% - Time to Buy?

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) shares traded up 0.5% on Monday . The stock traded as high as $8.23 and last traded at $8.00. 88,700 shares were traded during trading, an increase of 108% from the average session volume of 42,743 shares. The stock had previously closed at $7.96.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Alliance Global Partners reiterated a "buy" rating on shares of Coda Octopus Group in a research report on Monday, June 16th. Wall Street Zen cut shares of Coda Octopus Group from a "buy" rating to a "hold" rating in a research report on Saturday. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $11.00.

Coda Octopus Group Stock Up 12.6%

The business's 50-day simple moving average is $7.82 and its 200 day simple moving average is $7.21. The firm has a market capitalization of $98.54 million, a P/E ratio of 29.20 and a beta of 0.60.

Coda Octopus Group (NASDAQ:CODA - Get Free Report) last issued its quarterly earnings results on Monday, June 16th. The company reported $0.08 EPS for the quarter, beating 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 for the quarter, compared to analysts' expectations of $6.16 million.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CODA. Marshall Wace LLP bought a new position in Coda Octopus Group during the second quarter valued at approximately $104,000. Corsair Capital Management L.P. bought a new position in shares of Coda Octopus Group in the second quarter worth approximately $127,000. Jane Street Group LLC bought a new position in shares of Coda Octopus Group in the second quarter worth approximately $207,000. Northern Trust Corp grew its holdings in shares of Coda Octopus Group by 52.9% in the fourth 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 last quarter. Finally, Citadel Advisors LLC increased its position in shares of 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 acquiring an additional 24,084 shares during the period. 20.12% of the stock is currently owned by 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.