Wall Street Zen Upgrades Coda Octopus Group (NASDAQ:CODA) to Buy

Key Points

• Coda Octopus Group (NASDAQ: CODA) has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, indicating growing confidence in the stock's potential performance.
• The company's latest quarterly earnings report showed a profit of $0.11 per share, surpassing analyst expectations, with revenue matching estimates at $7.07 million.
• Major shareholder Niels Sondergaard sold 150,000 shares recently, reducing his stake by 6.83%, while insider sales have totaled over 200,000 shares in the last quarter.

Coda Octopus Group (NASDAQ:CODA - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday.

Several other research firms have also recently weighed in on CODA. Weiss Ratings reiterated a "hold (c)" rating on shares of Coda Octopus Group in a research report on Saturday, September 27th. Alliance Global Partners reiterated a "buy" rating on shares of Coda Octopus Group in a research report on Monday, June 16th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Coda Octopus Group has an average rating of "Moderate Buy" and a consensus price target of $11.00.

Coda Octopus Group Trading Down 3.9%

CODA opened at $8.68 on Friday. Coda Octopus Group has a 1-year low of $5.76 and a 1-year high of $9.89. The stock's fifty day simple moving average is $8.01 and its 200 day simple moving average is $7.42. The stock has a market cap of $97.65 million, a PE ratio of 28.93 and a beta of 0.53.

Coda Octopus Group (NASDAQ:CODA - Get Free Report) last posted its quarterly earnings results on Monday, September 15th. The company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.09 by $0.02. The business had revenue of $7.07 million for the quarter, compared to analysts' expectations of $7.07 million. Coda Octopus Group had a return on equity of 6.26% and a net margin of 14.09%.

Insider Activity

In other news, major shareholder Niels Sondergaard sold 150,000 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $8.15, for a total transaction of $1,222,500.00. Following the sale, the insider directly owned 2,045,211 shares of the company's stock, valued at approximately $16,668,469.65. This represents a 6.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders sold 206,370 shares of company stock worth $1,685,214. Corporate insiders own 21.80% of the company's stock.

Institutional Trading of Coda Octopus Group

Several large investors have recently modified their holdings of the stock. Osaic Holdings Inc. grew its holdings in shares of Coda Octopus Group by 18.6% during the 2nd quarter. Osaic Holdings Inc. now owns 79,434 shares of the company's stock worth $650,000 after purchasing an additional 12,433 shares in the last quarter. Jane Street Group LLC acquired a new stake in Coda Octopus Group in the second quarter valued at about $207,000. Marshall Wace LLP acquired a new stake in Coda Octopus Group in the second quarter valued at about $104,000. Finally, Corsair Capital Management L.P. acquired a new stake in Coda Octopus Group in the second quarter valued at about $127,000. 20.12% of the stock is owned by institutional investors and hedge funds.

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.

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