Cadiz (NASDAQ:CDZI) Stock Rating Cut to Strong Sell at Zacks Research

Zacks Research lowered shares of Cadiz (NASDAQ:CDZI) from a hold rating to a strong sell rating in a report published on Wednesday,Zacks reports.

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Cadiz in a research report on Tuesday, September 1st. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $10.00.

Cadiz Trading Up 18.3%

CDZI opened at $3.81 on Wednesday. The stock has a 50-day moving average of $3.69 and a 200 day moving average of $4.02. The company has a current ratio of 1.16, a quick ratio of 0.96 and a debt-to-equity ratio of 24.97. Cadiz has a 12 month low of $2.87 and a 12 month high of $6.96. The firm has a market cap of $322.63 million, a P/E ratio of -7.62 and a beta of 1.72.

Cadiz (NASDAQ:CDZI) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.03). The company had revenue of $0.98 million for the quarter, compared to analysts’ expectations of $3.07 million. Cadiz had a negative net margin of 311.03% and a negative return on equity of 206.79%. As a group, research analysts forecast that Cadiz will post -0.55 EPS for the current year.

Institutional Trading of Cadiz

Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC lifted its holdings in Cadiz by 1,511.6% during the 1st quarter. SG Americas Securities LLC now owns 218,094 shares of the company’s stock valued at $1,071,000 after buying an additional 204,561 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Cadiz in the 2nd quarter valued at about $794,000. Flax Pond Capital LLC purchased a new stake in Cadiz in the 4th quarter valued at about $302,000. Hsbc Holdings PLC bought a new position in Cadiz in the 4th quarter worth about $719,000. Finally, Bank of America Corp DE grew its stake in Cadiz by 0.3% in the 1st quarter. Bank of America Corp DE now owns 3,528,294 shares of the company’s stock worth $17,324,000 after acquiring an additional 9,473 shares in the last quarter. 79.75% of the stock is owned by hedge funds and other institutional investors.

About Cadiz

Cadiz Inc (NASDAQ: CDZI) is a California-based water and natural resources company focused on developing, managing and supplying water in the southwestern United States. The company owns and manages land and water rights in California’s Mojave Desert and is working to develop long-term water supply, storage and conservation projects.

Cadiz’s principal initiative is the Cadiz Water Conservation, Storage and Supply Project in California’s eastern Mojave Desert. The project is designed to conserve groundwater, improve regional water management and deliver water to participating public water agencies through existing and planned infrastructure.