Coda Octopus Group (NASDAQ:CODA) Trading Up 1.9% - Should You 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 was up 1.9% during mid-day trading on Tuesday . The company traded as high as $7.65 and last traded at $7.61. Approximately 17,769 shares were traded during trading, a decline of 72% from the average daily volume of 62,577 shares. The stock had previously closed at $7.47.

Analyst Ratings Changes

A number of analysts have recently issued reports on CODA shares. 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.

Coda Octopus Group Stock Performance

The stock has a market cap of $85.46 million, a PE ratio of 25.37 and a beta of 0.65. The stock has a fifty day simple moving average of $7.65 and a two-hundred day simple moving average of $7.24.

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. The firm had revenue of $7.02 million during the quarter, compared to analysts' expectations of $6.16 million. Coda Octopus Group had a return on equity of 6.37% and a net margin of 15.04%.

Hedge Funds Weigh In On Coda Octopus Group

A number of institutional investors and hedge funds have recently bought and sold shares of CODA. Renaissance Technologies LLC boosted its stake in shares of Coda Octopus Group by 137.2% during the 4th quarter. Renaissance Technologies LLC now owns 23,751 shares of the company's stock valued at $186,000 after buying an additional 13,737 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Coda Octopus Group by 52.9% during the 4th quarter. Northern Trust Corp now owns 38,833 shares of the company's stock valued at $304,000 after buying an additional 13,442 shares during the last quarter. Citadel Advisors LLC boosted its stake in shares of Coda Octopus Group by 90.1% during the 4th 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 last quarter. Geode Capital Management LLC boosted its stake in shares of Coda Octopus Group by 3.6% during the 4th 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 during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Coda Octopus Group by 3.8% during the 4th 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 during the last quarter. Hedge funds and other institutional investors 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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