Cadiz (NASDAQ:CDZI) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Cadiz (NASDAQ:CDZI) released its quarterly earnings data on Wednesday. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01), Zacks reports. Cadiz had a negative net margin of 217.49% and a negative return on equity of 97.55%. The company had revenue of $4.15 million during the quarter, compared to the consensus estimate of $3.90 million.

Cadiz Stock Up 3.4%

Shares of CDZI stock traded up $0.16 during trading hours on Thursday, reaching $4.76. The company had a trading volume of 381,914 shares, compared to its average volume of 635,676. The business has a fifty day simple moving average of $4.75 and a 200-day simple moving average of $3.68. Cadiz has a 12 month low of $2.13 and a 12 month high of $6.10. The company has a market cap of $390.31 million, a price-to-earnings ratio of -9.29 and a beta of 1.90. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.81 and a quick ratio of 1.55.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CDZI. BNP Paribas Financial Markets boosted its stake in shares of Cadiz by 115.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,062 shares of the company’s stock valued at $52,000 after purchasing an additional 5,935 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Cadiz by 28.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,926 shares of the company’s stock valued at $66,000 after purchasing an additional 4,918 shares during the last quarter. AQR Capital Management LLC bought a new stake in Cadiz during the 1st quarter valued at about $79,000. JPMorgan Chase & Co. raised its holdings in Cadiz by 12.9% in the second quarter. JPMorgan Chase & Co. now owns 26,889 shares of the company’s stock worth $80,000 after buying an additional 3,074 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Cadiz by 20.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,072 shares of the company’s stock valued at $90,000 after buying an additional 5,012 shares during the last quarter. 79.75% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CDZI has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cadiz in a research report on Wednesday, October 8th. Zacks Research upgraded shares of Cadiz from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 14th. Finally, Wall Street Zen upgraded Cadiz from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $10.00.

Cadiz Company Profile

Cadiz Inc, together with its subsidiaries, provides water solutions in the United States. The company operates through Land and Water Resources; and Water Filtration Technology segments. It offers water supply, water storage, water conveyance, and water filtration services. In addition, the company is involved in the cultivation of grain crops and alfalfa, as well as provides water filtration solutions for impaired or contaminated groundwater sources.