Coda Octopus Group (NASDAQ:CODA) Shares Down 2.3% – What’s Next?

Coda Octopus Group Inc. (NASDAQ:CODA)’s share price traded down 2.3% during trading on Monday. The company traded as low as $10.83 and last traded at $10.88. 37,073 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 124,822 shares. The stock had previously closed at $11.14.

Wall Street Analyst Weigh In

CODA has been the topic of several research reports. Wall Street Zen cut Coda Octopus Group from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. UBS Group upgraded shares of Coda Octopus Group to a “buy” rating in a report on Thursday, June 18th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Coda Octopus Group in a research report on Tuesday, September 1st. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $14.00.

Coda Octopus Group Stock Down 2.3%

The stock has a fifty day moving average price of $10.39 and a two-hundred day moving average price of $10.94. The company has a market cap of $122.76 million, a price-to-earnings ratio of 24.73 and a beta of 0.60.

Coda Octopus Group (NASDAQ:CODA) last released its quarterly earnings results on Monday, September 14th. The company reported $0.12 EPS for the quarter, meeting the consensus estimate of $0.12. Coda Octopus Group had a net margin of 17.64% and a return on equity of 8.32%. The business had revenue of $7.72 million for the quarter, compared to the consensus estimate of $7.26 million.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC raised its stake in Coda Octopus Group by 3,163.3% in the second quarter. NewEdge Advisors LLC now owns 11,389 shares of the company’s stock valued at $111,000 after purchasing an additional 11,040 shares in the last quarter. Ritholtz Wealth Management bought a new stake in Coda Octopus Group during the first quarter worth about $167,000. OMERS ADMINISTRATION Corp acquired a new stake in Coda Octopus Group during the first quarter worth about $173,000. Renaissance Technologies LLC acquired a new stake in Coda Octopus Group during the first quarter worth about $241,000. Finally, Hillsdale Investment Management Inc. bought a new position in Coda Octopus Group in the 1st quarter valued at about $266,000. Institutional investors own 20.12% of the company’s stock.

Coda Octopus Group Company Profile

Coda Octopus Group, Inc develops and supplies marine technology and engineering solutions for underwater applications. Its principal products include the Echoscope family of real-time, three-dimensional sonar systems, which are designed to provide detailed subsea imagery and situational awareness without requiring post-processing.

The company also offers the CodaOctopus Underwater Inspection System and related software, navigation, and data-management tools for subsea inspection, surveying, construction, security, and infrastructure monitoring.