Levin Capital Strategies L.P. Purchases 136,528 Shares of Cadiz, Inc. (NASDAQ:CDZI)

Key Points

• Levin Capital Strategies L.P. increased its stake in Cadiz, Inc. by 4.7%, owning approximately 3.75% of the company, worth nearly $9 million.
• Cadiz reported a quarterly earnings loss of ($0.14) per share, missing analyst estimates and showing significant negative margins.
• Roth Capital initiated coverage on Cadiz with a buy rating and a price target of $10.00, indicating a positive outlook for the stock.

Levin Capital Strategies L.P. raised its holdings in Cadiz, Inc. (NASDAQ:CDZI - Free Report) by 4.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,066,380 shares of the company's stock after buying an additional 136,528 shares during the quarter. Levin Capital Strategies L.P. owned about 3.75% of Cadiz worth $8,984,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ethic Inc. purchased a new position in shares of Cadiz in the 4th quarter valued at approximately $57,000. Walleye Capital LLC bought a new stake in Cadiz in the fourth quarter worth $60,000. ProShare Advisors LLC bought a new stake in Cadiz in the fourth quarter worth $62,000. Morton Capital Management LLC CA bought a new stake in Cadiz in the first quarter worth $49,000. Finally, Landscape Capital Management L.L.C. bought a new stake in Cadiz in the fourth quarter worth $100,000. Hedge funds and other institutional investors own 79.75% of the company's stock.

Cadiz Stock Up 1.2%

Cadiz stock traded up $0.04 during mid-day trading on Friday, hitting $3.39. The company had a trading volume of 597,657 shares, compared to its average volume of 398,003. The company has a current ratio of 2.19, a quick ratio of 1.97 and a debt-to-equity ratio of 1.90. The stock's 50 day moving average price is $3.05 and its two-hundred day moving average price is $3.37. Cadiz, Inc. has a 12 month low of $2.13 and a 12 month high of $5.68. The company has a market capitalization of $277.57 million, a PE ratio of -6.16 and a beta of 1.76.

Cadiz (NASDAQ:CDZI - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). Cadiz had a negative return on equity of 107.34% and a negative net margin of 296.15%. The business had revenue of $2.95 million during the quarter, compared to analysts' expectations of $4.77 million. As a group, sell-side analysts anticipate that Cadiz, Inc. will post -0.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Roth Capital initiated coverage on Cadiz in a report on Thursday, April 17th. They issued a "buy" rating and a $10.00 target price on the stock.

Cadiz Company Profile

Cadiz Inc, together with its subsidiaries, provides water solutions in the United States. The company operates through Land and Water Resources; and Water Filtration Technology segments. It offers water supply, water storage, water conveyance, and water filtration services. In addition, the company is involved in the cultivation of grain crops and alfalfa, as well as provides water filtration solutions for impaired or contaminated groundwater sources.