Coda Octopus Group (NASDAQ:CODA) Major Shareholder Niels Sondergaard Sells 150,000 Shares

Coda Octopus Group Inc. (NASDAQ:CODA) major shareholder Niels Sondergaard sold 150,000 shares of the company’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $8.15, for a total value of $1,222,500.00. Following the transaction, the insider directly owned 2,045,211 shares in the company, valued at approximately $16,668,469.65. The trade was a 6.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions 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 stock was sold at an average price of $8.13, for a total value of $57,015.69.
• On Monday, September 22nd, Niels Sondergaard sold 16,995 shares of Coda Octopus Group stock. The stock was sold at an average price of $8.20, for a total value of $139,359.00.
• On Friday, September 19th, Niels Sondergaard sold 32,362 shares of Coda Octopus Group stock. The stock was sold at an average price of $8.23, for a total value of $266,339.26.

Coda Octopus Group Trading Up 4.1%

Shares of CODA stock opened at $8.72 on Friday. The business’s fifty day simple moving average is $7.88 and its 200-day simple moving average is $7.34. The company has a market cap of $98.10 million, a PE ratio of 29.07 and a beta of 0.53. Coda Octopus Group Inc. has a 12-month low of $5.76 and a 12-month high of $9.89.

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CODA shares. Wall Street Zen downgraded Coda Octopus Group from a “buy” rating to a “hold” rating in a research report on Saturday, September 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Coda Octopus Group in a research report on Saturday, September 27th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Coda Octopus Group in a research report on Monday, June 16th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Coda Octopus Group presently has an average rating of “Moderate Buy” and an average target price of $11.00.

Institutional Investors Weigh In On Coda Octopus Group

Several hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. boosted its stake 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 acquiring an additional 12,433 shares in the last quarter. Jane Street Group LLC purchased a new position in Coda Octopus Group in the 2nd quarter valued at about $207,000. Marshall Wace LLP purchased a new position in Coda Octopus Group in the 2nd quarter valued at about $104,000. Finally, Corsair Capital Management L.P. purchased a new position in Coda Octopus Group in the 2nd quarter valued at about $127,000. 20.12% of the stock is owned by hedge funds and other institutional investors.

About Coda Octopus Group

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.