Coda Octopus Group (NASDAQ:CODA) Shares Climb 5.9% - Time to Buy?

Key Points

• Coda Octopus shares rose 5.9% to $8.83, on trading volume 22% below the average.
• Analyst sentiment is “Moderate Buy,” with two Buy ratings and one Hold rating; the consensus price target is $14.00. Weiss Ratings also raised its rating from “hold (c)” to “hold (c+).”
• The company met quarterly EPS expectations at $0.12 and reported revenue of $7.72 million, above the $7.26 million consensus estimate.

Coda Octopus Group Inc. (NASDAQ:CODA - Get Free Report) shot up 5.9% during trading on Monday. The stock traded as high as $8.98 and last traded at $8.83. Approximately 70,213 shares were traded during trading, a decline of 22% from the average daily volume of 89,830 shares. The stock had previously closed at $8.34.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded shares of Coda Octopus Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $14.00.

Coda Octopus Group Stock Performance

The business's fifty day simple moving average is $10.05 and its 200-day simple moving average is $11.14. The firm has a market capitalization of $99.60 million, a PE ratio of 20.07 and a beta of 0.67.

Coda Octopus Group (NASDAQ:CODA - Get Free Report) last released its earnings results on Monday, September 14th. The company reported $0.12 EPS for the quarter, hitting the consensus estimate of $0.12. Coda Octopus Group had a net margin of 17.64% and a return on equity of 8.32%. The firm had revenue of $7.72 million for the quarter, compared to the consensus estimate of $7.26 million.

Institutional Trading of Coda Octopus Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. 4WEALTH Advisors Inc. increased its position in shares of Coda Octopus Group by 50.1% during the third quarter. 4WEALTH Advisors Inc. now owns 18,669 shares of the company's stock worth $203,000 after acquiring an additional 6,235 shares during the period. NewEdge Advisors LLC raised its stake in shares of Coda Octopus Group by 3,163.3% during the second quarter. NewEdge Advisors LLC now owns 11,389 shares of the company's stock valued at $111,000 after acquiring an additional 11,040 shares in the last quarter. Grandeur Peak Global Advisors LLC raised its stake in shares of Coda Octopus Group by 9.9% during the second quarter. Grandeur Peak Global Advisors LLC now owns 68,683 shares of the company's stock valued at $671,000 after acquiring an additional 6,164 shares in the last quarter. Navellier & Associates Inc. boosted its holdings in shares of Coda Octopus Group by 41.7% in the second quarter. Navellier & Associates Inc. now owns 65,811 shares of the company's stock valued at $643,000 after purchasing an additional 19,361 shares during the period. Finally, OMERS ADMINISTRATION Corp purchased a new stake in shares of Coda Octopus Group in the first quarter valued at approximately $173,000. Hedge funds and other institutional investors own 20.12% of the company's stock.

About Coda Octopus Group

Coda Octopus Group, Inc NASDAQ: CODA develops and supplies marine technology and engineering solutions for underwater operations. Its business serves defense and security organizations, offshore energy companies, subsea construction contractors, marine surveyors and other customers that require real-time underwater data and positioning capabilities.

The company's products include the Echoscope family of real-time three-dimensional sonar systems, which are designed to provide high-resolution imaging and visualization of underwater environments.

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