Coda Octopus Group (NASDAQ:CODA) Shares Up 10.5%

Coda Octopus Group, Inc. (NASDAQ:CODA) shares shot up 10.5% on Wednesday . The company traded as high as $8.14 and last traded at $8.07, 249,700 shares traded hands during trading. An increase of 84% from the average session volume of 135,976 shares. The stock had previously closed at $7.30.

Separately, ValuEngine raised shares of Coda Octopus Group from a “sell” rating to a “hold” rating in a research note on Friday, October 11th.

The company has a current ratio of 6.43, a quick ratio of 5.21 and a debt-to-equity ratio of 0.02. The stock’s 50 day moving average price is $7.35 and its two-hundred day moving average price is $10.13. The firm has a market capitalization of $86.28 million, a PE ratio of 9.11 and a beta of 1.78.

Coda Octopus Group (NASDAQ:CODA) last released its earnings results on Monday, September 16th. The company reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.03). The firm had revenue of $6.67 million during the quarter. Coda Octopus Group had a return on equity of 30.61% and a net margin of 33.06%.

Hedge funds have recently added to or reduced their stakes in the business. Acadian Asset Management LLC grew its stake in Coda Octopus Group by 758.3% in the 2nd quarter. Acadian Asset Management LLC now owns 48,882 shares of the company’s stock worth $638,000 after acquiring an additional 43,187 shares during the period. Alambic Investment Management L.P. purchased a new stake in Coda Octopus Group in the 2nd quarter worth approximately $572,000. Commonwealth Equity Services LLC grew its stake in Coda Octopus Group by 21.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 14,850 shares of the company’s stock worth $193,000 after acquiring an additional 2,600 shares during the period. A.R.T. Advisors LLC purchased a new stake in Coda Octopus Group in the 2nd quarter worth approximately $314,000. Finally, BlackRock Inc. grew its stake in Coda Octopus Group by 2,974.1% in the 2nd quarter. BlackRock Inc. now owns 344,727 shares of the company’s stock worth $4,499,000 after acquiring an additional 333,513 shares during the period. 20.68% of the stock is owned by hedge funds and other institutional investors.

Coda Octopus Group Company Profile (NASDAQ:CODA)

Coda Octopus Group, Inc, together with its subsidiaries, develops and sells underwater technologies and equipment for imaging, mapping, defense, and survey applications in the United States, Europe, and Australia. The company operates through two segments, Marine Engineering Business and Marine Technology Business.

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