Niels Sondergaard Sells 16,995 Shares of Coda Octopus Group (NASDAQ:CODA) Stock

Coda Octopus Group Inc. (NASDAQ:CODA) major shareholder Niels Sondergaard sold 16,995 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $8.20, for a total value of $139,359.00. Following the completion of the transaction, the insider directly owned 2,202,224 shares in the company, valued at $18,058,236.80. This trade represents a 0.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Niels Sondergaard also recently made the following trade(s):

• On Tuesday, September 23rd, Niels Sondergaard sold 7,013 shares of Coda Octopus Group stock. The shares were sold at an average price of $8.13, for a total value of $57,015.69.
• On Friday, September 19th, Niels Sondergaard sold 32,362 shares of Coda Octopus Group stock. The shares were sold at an average price of $8.23, for a total value of $266,339.26.

Coda Octopus Group Trading Down 5.0%

Shares of CODA opened at $8.20 on Friday. The firm has a market cap of $92.25 million, a PE ratio of 27.33 and a beta of 0.60. The firm has a fifty day simple moving average of $7.81 and a two-hundred day simple moving average of $7.27. Coda Octopus Group Inc. has a 1-year low of $5.76 and a 1-year high of $9.89.

Coda Octopus Group (NASDAQ:CODA) last announced its 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 during the quarter, compared to analyst estimates of $7.07 million. Coda Octopus Group had a net margin of 14.09% and a return on equity of 6.26%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CODA. Alliance Global Partners reiterated a “buy” rating on shares of Coda Octopus Group in a research note on Monday, June 16th. Wall Street Zen lowered shares of Coda Octopus Group from a “buy” rating to a “hold” rating in a research note on Saturday, September 13th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $11.00.

Institutional Investors Weigh In On Coda Octopus Group

Several hedge funds and other institutional investors have recently modified their holdings of CODA. Northern Trust Corp increased its stake in shares of Coda Octopus Group by 52.9% in the 4th quarter. Northern Trust Corp now owns 38,833 shares of the company’s stock worth $304,000 after purchasing an additional 13,442 shares in the last quarter. Citadel Advisors LLC increased its stake in shares of 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 in the last quarter. Corsair Capital Management L.P. purchased a new stake in shares of Coda Octopus Group in the 2nd quarter worth $127,000. Marshall Wace LLP purchased a new stake in shares of Coda Octopus Group in the 2nd quarter worth $104,000. Finally, Jane Street Group LLC purchased a new stake in shares of Coda Octopus Group in the 2nd quarter worth $207,000. 20.12% of the stock is currently owned by hedge funds and other 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.