Cadiz (NASDAQ:CDZI) Stock Price Crosses Below 200 Day Moving Average - Here's What Happened

Key Points

• Cadiz shares fell below their 200-day moving average of $4.31, reaching an intraday low of $4.17 before last trading at $4.31 on volume of roughly 1.2 million shares.
• Analyst sentiment is mixed, with one Buy, one Hold, and one Sell rating; the overall consensus is Hold, with an average price target of $10.00.
• Cadiz reported weaker-than-expected quarterly results, posting a $0.15 per-share loss versus the $0.12 expected and revenue of $0.98 million versus $3.07 million estimated. Institutional investors own approximately 79.75% of the stock.

Cadiz, Inc. (NASDAQ:CDZI - Get Free Report)'s share price crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $4.31 and traded as low as $4.17. Cadiz shares last traded at $4.31, with a volume of 1,205,969 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CDZI shares. Weiss Ratings restated a "sell (e+)" rating on shares of Cadiz in a research note on Tuesday, September 1st. Zacks Research raised shares of Cadiz from a "strong sell" rating to a "hold" rating in a report on Monday, June 1st. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Cadiz presently has a consensus rating of "Hold" and an average price target of $10.00.

Cadiz Trading Up 3.6%

The firm has a 50-day moving average of $3.65 and a 200 day moving average of $4.31. 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 stock has a market capitalization of $364.97 million, a price-to-earnings ratio of -8.62 and a beta of 1.90.

Cadiz (NASDAQ:CDZI - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.03). The company had revenue of $0.98 million during the quarter, compared to analyst estimates of $3.07 million. Cadiz had a negative return on equity of 206.79% and a negative net margin of 311.03%. As a group, equities analysts predict that Cadiz, Inc. will post -0.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Cadiz

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its position in shares of Cadiz by 12.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 26,889 shares of the company's stock valued at $80,000 after purchasing an additional 3,074 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Cadiz by 28.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,926 shares of the company's stock valued at $66,000 after purchasing an additional 4,918 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Cadiz by 20.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,072 shares of the company's stock worth $90,000 after acquiring an additional 5,012 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Cadiz by 31.0% during the fourth quarter. Invesco Ltd. now owns 24,673 shares of the company's stock worth $138,000 after purchasing an additional 5,835 shares during the period. Finally, BNP Paribas Financial Markets boosted its stake in shares of Cadiz by 115.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,062 shares of the company's stock valued at $52,000 after buying an additional 5,935 shares during the period. 79.75% of the stock is currently owned by institutional investors.

About Cadiz

Cadiz, Inc NASDAQ: CDZI is a Southern California–based water resource management company focused on developing and operating groundwater storage, recovery and conveyance projects. The company holds water rights and mineral rights on approximately 34,000 acres in the Mojave Desert and is chiefly known for advancing the Cadiz Water Project, a planned system to capture, store and distribute groundwater to urban and agricultural users in the region.

The company's primary business activity centers on the development of infrastructure that enables sustainable groundwater banking.

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