Cadiz (NASDAQ:CDZI) Posts Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Cadiz (NASDAQ:CDZI) posted its quarterly earnings data on Thursday. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.05), FiscalAI reports. Cadiz had a negative net margin of 221.43% and a negative return on equity of 129.97%. The company had revenue of $0.98 million for the quarter, compared to analysts’ expectations of $3.07 million.

Cadiz Stock Up 1.2%

CDZI stock traded up $0.04 during trading on Thursday, hitting $3.51. 584,419 shares of the company’s stock traded hands, compared to its average volume of 870,894. The firm has a market capitalization of $295.16 million, a P/E ratio of -7.63 and a beta of 1.86. Cadiz has a 1 year low of $2.87 and a 1 year high of $6.96. The company has a quick ratio of 1.76, a current ratio of 1.88 and a debt-to-equity ratio of 7.32. The business has a fifty day simple moving average of $3.72 and a two-hundred day simple moving average of $4.52.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CDZI shares. Zacks Research raised shares of Cadiz from a “strong sell” rating to a “hold” rating in a report on Monday, June 1st. Weiss Ratings cut Cadiz from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 4th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $10.00.

Insider Buying and Selling at Cadiz

In other news, Director David Mark O’hara purchased 110,865 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was acquired at an average cost of $4.58 per share, with a total value of $507,761.70. Following the completion of the transaction, the director owned 117,841 shares in the company, valued at $539,711.78. This represents a 1,589.23% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.31% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cadiz

Several hedge funds have recently modified their holdings of CDZI. JPMorgan Chase & Co. lifted its holdings in shares of Cadiz by 12.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 26,889 shares of the company’s stock worth $80,000 after acquiring an additional 3,074 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Cadiz by 28.9% in the second 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Cadiz by 20.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,072 shares of the company’s stock worth $90,000 after purchasing an additional 5,012 shares in the last quarter. Invesco Ltd. lifted its stake in Cadiz by 31.0% during the fourth quarter. Invesco Ltd. now owns 24,673 shares of the company’s stock worth $138,000 after purchasing an additional 5,835 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Cadiz by 115.8% during the third quarter. BNP Paribas Financial Markets now owns 11,062 shares of the company’s stock worth $52,000 after buying an additional 5,935 shares during the period. Institutional investors and hedge funds own 79.75% of the company’s stock.

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.