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

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Coda Octopus Group in a research report on Tuesday, September 1st. UBS Group raised Coda Octopus Group to a “buy” rating in a research note on Thursday, June 18th. Finally, Wall Street Zen lowered Coda Octopus Group from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $14.00.

Coda Octopus Group Stock Performance

The business has a fifty day simple moving average of $10.41 and a 200 day simple moving average of $10.92. The stock has a market cap of $121.58 million, a price-to-earnings ratio of 24.44 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 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.12. Coda Octopus Group had a return on equity of 8.32% and a net margin of 17.64%.The company had revenue of $7.72 million during the quarter, compared to analysts’ expectations of $7.26 million.

Institutional Investors Weigh In On Coda Octopus Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Sei Investments Co. boosted its position in shares of Coda Octopus Group by 228.5% in the first quarter. Sei Investments Co. now owns 147,486 shares of the company’s stock worth $1,667,000 after buying an additional 102,592 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Coda Octopus Group during the 1st quarter worth $1,125,000. Dimensional Fund Advisors LP grew its stake in Coda Octopus Group by 23.9% in the first quarter. Dimensional Fund Advisors LP now owns 98,854 shares of the company’s stock worth $1,116,000 after purchasing an additional 19,052 shares in the last quarter. Grandeur Peak Global Advisors LLC increased its holdings in Coda Octopus Group by 9.9% in the second quarter. Grandeur Peak Global Advisors LLC now owns 68,683 shares of the company’s stock valued at $671,000 after buying an additional 6,164 shares during the last quarter. Finally, Navellier & Associates Inc. raised its stake in Coda Octopus Group by 41.7% during the second quarter. Navellier & Associates Inc. now owns 65,811 shares of the company’s stock valued at $643,000 after buying an additional 19,361 shares in the last quarter. 20.12% of the stock is currently owned by hedge funds and other institutional investors.

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.