Cadiz (NASDAQ:CDZI) Share Price Breaks Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• Cadiz shares fell below their 200-day moving average of $4.07, reaching as low as $3.48 before closing at $3.52 on elevated volume.
• Analyst sentiment remains mixed, with one Buy, one Hold and one Sell rating; the consensus is Hold with a $10.00 average price target, while Weiss Ratings maintained a “sell (e+)” rating.
• Cadiz missed quarterly expectations, reporting a loss of $0.15 per share versus estimates of $0.12 and revenue of $0.98 million versus $3.07 million expected. Institutional investors own approximately 79.75% of the company.

Cadiz, Inc. (NASDAQ:CDZI - Get Free Report) crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $4.07 and traded as low as $3.48. Cadiz shares last traded at $3.52, with a volume of 1,614,879 shares traded.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of Cadiz in a research note on Tuesday, September 1st. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Cadiz presently has a consensus rating of "Hold" and an average target price of $10.00.

Cadiz Trading Down 2.8%

The company has a current ratio of 1.16, a quick ratio of 0.96 and a debt-to-equity ratio of 24.97. The company has a market cap of $298.06 million, a PE ratio of -7.04 and a beta of 1.72. The stock has a 50 day moving average price of $3.66 and a 200 day moving average price of $4.07.

Cadiz (NASDAQ:CDZI - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.03). The business had revenue of $0.98 million for the quarter, compared to the consensus estimate of $3.07 million. Cadiz had a negative net margin of 311.03% and a negative return on equity of 206.79%. Sell-side analysts predict that Cadiz, Inc. will post -0.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Cadiz

A number of hedge funds and other institutional investors have recently bought and sold shares of CDZI. Levin Capital Strategies L.P. increased its holdings in shares of Cadiz by 4.1% during the first quarter. Levin Capital Strategies L.P. now owns 3,816,169 shares of the company's stock valued at $18,737,000 after acquiring an additional 149,846 shares in the last quarter. Bank of America Corp DE boosted its stake in Cadiz by 0.3% in the 1st quarter. Bank of America Corp DE now owns 3,528,294 shares of the company's stock worth $17,324,000 after purchasing an additional 9,473 shares in the last quarter. SG Americas Securities LLC grew its position in Cadiz by 1,511.6% during the 1st quarter. SG Americas Securities LLC now owns 218,094 shares of the company's stock valued at $1,071,000 after purchasing an additional 204,561 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Cadiz during the 2nd quarter valued at about $794,000. Finally, Squarepoint Ops LLC increased its stake in Cadiz by 193.6% during the 2nd quarter. Squarepoint Ops LLC now owns 127,578 shares of the company's stock valued at $533,000 after purchasing an additional 84,129 shares in the last quarter. Hedge funds and other institutional investors own 79.75% of the company's stock.

Cadiz Company Profile

Cadiz Inc NASDAQ: CDZI is a California-based water and natural resources company focused on developing, managing and supplying water in the southwestern United States. The company owns and manages land and water rights in California's Mojave Desert and is working to develop long-term water supply, storage and conservation projects.

Cadiz's principal initiative is the Cadiz Water Conservation, Storage and Supply Project in California's eastern Mojave Desert. The project is designed to conserve groundwater, improve regional water management and deliver water to participating public water agencies through existing and planned infrastructure.

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