Coda Octopus Group (NASDAQ:CODA) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded Coda Octopus Group (NASDAQ:CODA) from a "buy" rating to a "hold" rating in a recent research report.
• Despite the downgrade, Coda Octopus Group has a consensus rating of "buy" among analysts with an average target price of $11.00.
• The company reported earnings of $0.08 per share for the most recent quarter, exceeding estimates and demonstrating strong revenue growth.

Wall Street Zen cut shares of Coda Octopus Group (NASDAQ:CODA - Free Report) from a buy rating to a hold rating in a research report report published on Saturday morning.

Separately, Alliance Global Partners restated a "buy" rating on shares of Coda Octopus Group in a research note on Monday, June 16th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $11.00.

Coda Octopus Group Stock Performance

Coda Octopus Group stock traded down $0.04 during trading on Friday, hitting $8.26. The company's stock had a trading volume of 76,102 shares, compared to its average volume of 79,740. The stock's fifty day moving average is $7.82 and its 200 day moving average is $7.22. Coda Octopus Group has a 1-year low of $5.76 and a 1-year high of $9.89. The stock has a market capitalization of $92.92 million, a price-to-earnings ratio of 27.53 and a beta of 0.60.

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, topping the consensus estimate of $0.09 by $0.02. The company had revenue of $7.07 million during the quarter, compared to the consensus estimate of $7.07 million. Coda Octopus Group had a return on equity of 6.26% and a net margin of 14.09%.

Institutional Investors Weigh In On Coda Octopus Group

Large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its holdings in shares of Coda Octopus Group by 3.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 59,999 shares of the company's stock valued at $470,000 after purchasing an additional 2,180 shares in the last quarter. Northern Trust Corp raised its stake in shares of Coda Octopus Group by 52.9% in the fourth quarter. Northern Trust Corp now owns 38,833 shares of the company's stock valued at $304,000 after acquiring an additional 13,442 shares during the last quarter. Citadel Advisors LLC raised its position in Coda Octopus Group by 90.1% in the 4th quarter. Citadel Advisors LLC now owns 50,804 shares of the company's stock worth $398,000 after purchasing an additional 24,084 shares during the last quarter. Corsair Capital Management L.P. bought a new position in Coda Octopus Group in the 2nd quarter worth approximately $127,000. Finally, Marshall Wace LLP bought a new position in Coda Octopus Group in the 2nd quarter worth approximately $104,000. 20.12% of the stock is owned by institutional investors.

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.