Insider Selling: Coda Octopus Group (NASDAQ:CODA) Major Shareholder Sells 32,362 Shares of Stock

Key Points

• Niels Sondergaard, a major shareholder of Coda Octopus Group, sold 32,362 shares at an average price of $8.23, resulting in a total transaction value of $266,339.26.
• Coda Octopus Group's stock has seen a 1.9% decrease in value, trading at $8.07, and has a market capitalization of $90.79 million.
• Despite the recent insider sales, analysts maintain a consensus "Buy" rating on the stock, with a target price of $11.00.

Coda Octopus Group Inc. (NASDAQ:CODA - Get Free Report) major shareholder Niels Sondergaard sold 32,362 shares of Coda Octopus Group stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $8.23, for a total transaction of $266,339.26. Following the completion of the transaction, the insider directly owned 2,219,219 shares in the company, valued at $18,264,172.37. This trade represents a 1.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

Niels Sondergaard also recently made the following trade(s):

• On Tuesday, September 23rd, Niels Sondergaard sold 7,013 shares of Coda Octopus Group stock. The shares were sold at an average price of $8.13, for a total transaction of $57,015.69.
• On Monday, September 22nd, Niels Sondergaard sold 16,995 shares of Coda Octopus Group stock. The shares were sold at an average price of $8.20, for a total transaction of $139,359.00.

Coda Octopus Group Trading Down 1.9%

Coda Octopus Group stock traded down $0.16 during mid-day trading on Tuesday, reaching $8.07. The company had a trading volume of 38,277 shares, compared to its average volume of 42,481. Coda Octopus Group Inc. has a fifty-two week low of $5.76 and a fifty-two week high of $9.89. The company has a market cap of $90.79 million, a P/E ratio of 26.90 and a beta of 0.60. The business has a fifty day simple moving average of $7.82 and a 200 day simple moving average of $7.24.

Coda Octopus Group (NASDAQ:CODA - Get Free Report) last issued its earnings results on Monday, September 15th. The company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.09 by $0.02. Coda Octopus Group had a net margin of 14.09% and a return on equity of 6.26%. The firm had revenue of $7.07 million for the quarter, compared to analyst estimates of $7.07 million.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented 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 lowered shares of Coda Octopus Group from a "buy" rating to a "hold" rating in a report on Saturday, September 13th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, Coda Octopus Group presently has an average rating of "Buy" and a consensus target price of $11.00.

Hedge Funds Weigh In On Coda Octopus Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Osaic Holdings Inc. lifted its holdings in Coda Octopus Group by 18.6% in the second quarter. Osaic Holdings Inc. now owns 79,434 shares of the company's stock valued at $650,000 after buying an additional 12,433 shares during the period. Jane Street Group LLC acquired a new position in Coda Octopus Group in the second quarter valued at $207,000. Marshall Wace LLP acquired a new position in Coda Octopus Group in the second quarter valued at $104,000. Corsair Capital Management L.P. acquired a new position in Coda Octopus Group in the second quarter valued at $127,000. Finally, Citadel Advisors LLC lifted its holdings in 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 buying an additional 24,084 shares during the period. 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.

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