Coda Octopus Group (NASDAQ:CODA) Stock Price Up 1.9% - Time to Buy?

Key Points

• Coda Octopus Group's stock increased by 1.9% during mid-day trading, reaching a last traded price of $7.61.
• Analysts have recently upgraded their ratings on CODA, with Alliance Global Partners reiterating a "buy" rating and Wall Street Zen improving it from "hold" to "buy".
• The company reported earnings per share of $0.08 for the last quarter, surpassing estimates of $0.03, and had revenue of $7.02 million, exceeding expectations of $6.16 million.

Coda Octopus Group Inc. (NASDAQ:CODA - Get Free Report)'s stock price shot up 1.9% during mid-day trading on Tuesday . The stock traded as high as $7.65 and last traded at $7.61. 17,769 shares were traded during mid-day trading, a decline of 72% from the average session volume of 62,577 shares. The stock had previously closed at $7.47.

Analyst Ratings Changes

Several brokerages have issued reports on CODA. Wall Street Zen raised shares of Coda Octopus Group from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Alliance Global Partners reaffirmed a "buy" rating on shares of Coda Octopus Group in a research report on Monday, June 16th.

Coda Octopus Group Price Performance

The company's 50-day simple moving average is $7.64 and its 200-day simple moving average is $7.23. The company has a market cap of $85.24 million, a price-to-earnings ratio of 25.30 and a beta of 0.65.

Coda Octopus Group (NASDAQ:CODA - Get Free Report) last released its quarterly earnings results 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 the consensus estimate of $6.16 million.

Institutional Trading of Coda Octopus Group

A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its position 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 worth $470,000 after buying an additional 2,180 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Coda Octopus Group by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 59,424 shares of the company's stock worth $465,000 after buying an additional 2,054 shares in the last quarter. Citadel Advisors LLC grew its position in shares of 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 buying an additional 24,084 shares in the last quarter. Northern Trust Corp grew its position in shares of Coda Octopus Group by 52.9% during the fourth quarter. Northern Trust Corp now owns 38,833 shares of the company's stock worth $304,000 after buying an additional 13,442 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of 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 in the last quarter. Institutional investors and hedge funds own 20.12% of the company's stock.

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.