Coda Octopus Group (NASDAQ:CODA) Stock Price Down 2.3% - Time to Sell?

Key Points

• Coda Octopus Group shares fell 2.3% to $10.88 in light trading, with volume down 70% versus the average session.
• Analyst sentiment is mixed but leans positive: two analysts rate the stock Buy and one rates it Hold, producing a “Moderate Buy” consensus and a $14.00 price target.
• The company met quarterly EPS expectations at $0.12 and exceeded revenue estimates with $7.72 million, while institutional investors own 20.12% of the stock.

Coda Octopus Group Inc. (NASDAQ:CODA - Get Free Report)'s share price dropped 2.3% on Monday. The company traded as low as $10.83 and last traded at $10.88. 37,073 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 124,822 shares. The stock had previously closed at $11.14.

Wall Street Analysts Forecast Growth

CODA has been the subject of several recent analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Coda Octopus Group in a research note on Tuesday, September 1st. Wall Street Zen cut Coda Octopus Group from a "buy" rating to a "hold" rating in a research report on Saturday, June 13th. Finally, UBS Group upgraded shares of Coda Octopus Group to a "buy" rating in a research note on Thursday, June 18th. 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.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $14.00.

Coda Octopus Group Price Performance

The company has a market cap of $122.76 million, a P/E ratio of 24.73 and a beta of 0.60. The business's 50 day moving average price is $10.39 and its 200-day moving average price is $10.94.

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

Hedge Funds Weigh In On Coda Octopus Group

Several large investors have recently made changes to their positions in CODA. NewEdge Advisors LLC grew its position in shares of Coda Octopus Group by 3,163.3% during the 2nd quarter. NewEdge Advisors LLC now owns 11,389 shares of the company's stock worth $111,000 after buying an additional 11,040 shares during the period. Ritholtz Wealth Management acquired a new stake in shares of Coda Octopus Group in the 1st quarter valued at approximately $167,000. OMERS ADMINISTRATION Corp bought a new position in shares of Coda Octopus Group during the first quarter worth $173,000. Renaissance Technologies LLC acquired a new position in Coda Octopus Group in the first quarter valued at about $241,000. Finally, Hillsdale Investment Management Inc. bought a new stake in Coda Octopus Group during the 1st quarter worth approximately $266,000. Institutional investors and hedge funds own 20.12% of the company's stock.

Coda Octopus Group Company Profile

Coda Octopus Group, Inc develops and supplies marine technology and engineering solutions for underwater applications. Its principal products include the Echoscope family of real-time, three-dimensional sonar systems, which are designed to provide detailed subsea imagery and situational awareness without requiring post-processing.

The company also offers the CodaOctopus Underwater Inspection System and related software, navigation, and data-management tools for subsea inspection, surveying, construction, security, and infrastructure monitoring.

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