Cadiz (NASDAQ:CDZI) Releases Earnings Results, Misses Estimates By $0.67 EPS

Cadiz (NASDAQ:CDZI) announced its quarterly earnings data on Tuesday. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.67), FiscalAI reports. Cadiz had a negative return on equity of 93.48% and a negative net margin of 206.65%.The firm had revenue of $5.08 million for the quarter, compared to analysts’ expectations of $4.80 million.

Cadiz Stock Performance

Shares of NASDAQ CDZI traded down $0.24 during trading hours on Thursday, hitting $4.83. 197,795 shares of the company’s stock were exchanged, compared to its average volume of 767,223. The company’s 50-day moving average price is $5.25 and its 200-day moving average price is $5.33. Cadiz has a 1-year low of $2.13 and a 1-year high of $6.96. The stock has a market capitalization of $401.01 million, a price-to-earnings ratio of -10.08 and a beta of 2.05. The company has a debt-to-equity ratio of 3.14, a current ratio of 1.26 and a quick ratio of 0.96.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CDZI shares. Maxim Group assumed coverage on Cadiz in a report on Monday, February 2nd. They set a “buy” rating and a $10.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cadiz in a research note on Wednesday, January 21st. Finally, Wall Street Zen lowered Cadiz from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $10.00.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CDZI. Intech Investment Management LLC boosted its holdings in Cadiz by 40.6% in the 4th quarter. Intech Investment Management LLC now owns 37,429 shares of the company’s stock valued at $210,000 after purchasing an additional 10,804 shares during the period. Financial Engines Advisors L.L.C. bought a new stake in shares of Cadiz in the 3rd quarter worth approximately $188,000. Invesco Ltd. increased its position in shares of Cadiz by 31.0% during the fourth quarter. Invesco Ltd. now owns 24,673 shares of the company’s stock valued at $138,000 after purchasing an additional 5,835 shares during the period. Police & Firemen s Retirement System of New Jersey lifted its position in Cadiz by 71.4% in the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 17,959 shares of the company’s stock worth $101,000 after purchasing an additional 7,479 shares during the period. Finally, AQR Capital Management LLC acquired a new stake in Cadiz during the first quarter worth $79,000. 79.75% of the stock is currently owned by institutional investors and hedge funds.

About Cadiz

Cadiz, Inc (NASDAQ: CDZI) is a Southern California–based water resource management company focused on developing and operating groundwater storage, recovery and conveyance projects. The company holds water rights and mineral rights on approximately 34,000 acres in the Mojave Desert and is chiefly known for advancing the Cadiz Water Project, a planned system to capture, store and distribute groundwater to urban and agricultural users in the region.

The company’s primary business activity centers on the development of infrastructure that enables sustainable groundwater banking.