Cadiz (NASDAQ:CDZI) Hits New 1-Year High – Still a Buy?

Cadiz, Inc. (NASDAQ:CDZI)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $6.58 and last traded at $6.6750, with a volume of 1116275 shares traded. The stock had previously closed at $6.08.

Wall Street Analyst Weigh In

Several research analysts recently commented on CDZI shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Cadiz in a research note on Wednesday, October 8th. Wall Street Zen upgraded Cadiz from a “sell” rating to a “hold” rating in a research report on Saturday, November 29th. 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 company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $10.00.

Cadiz Stock Performance

The company has a 50 day moving average of $5.51 and a two-hundred day moving average of $4.49. The company has a debt-to-equity ratio of 3.14, a current ratio of 1.26 and a quick ratio of 0.96. The company has a market capitalization of $548.53 million, a PE ratio of -13.47 and a beta of 2.02.

Cadiz (NASDAQ:CDZI) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). Cadiz had a negative return on equity of 93.48% and a negative net margin of 206.65%.The company had revenue of $4.15 million during the quarter, compared to the consensus estimate of $3.90 million. As a group, equities research analysts predict that Cadiz, Inc. will post -0.47 earnings per share for the current year.

Hedge Funds Weigh In On Cadiz

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Levin Capital Strategies L.P. raised its position in Cadiz by 12.9% in the 3rd quarter. Levin Capital Strategies L.P. now owns 3,661,547 shares of the company’s stock worth $17,283,000 after buying an additional 419,025 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Cadiz by 130.0% during the 3rd quarter. Bank of America Corp DE now owns 3,491,080 shares of the company’s stock valued at $16,478,000 after acquiring an additional 1,973,329 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Cadiz by 4.7% in the third quarter. Vanguard Group Inc. now owns 3,035,901 shares of the company’s stock worth $14,329,000 after acquiring an additional 135,343 shares during the period. Geode Capital Management LLC raised its holdings in shares of Cadiz by 19.8% during the second quarter. Geode Capital Management LLC now owns 1,262,379 shares of the company’s stock valued at $3,775,000 after purchasing an additional 208,830 shares during the last quarter. Finally, Elkhorn Partners Limited Partnership raised its holdings in shares of Cadiz by 7.2% during the second quarter. Elkhorn Partners Limited Partnership now owns 683,000 shares of the company’s stock valued at $2,042,000 after purchasing an additional 46,000 shares during the last quarter. 79.75% of the stock is owned by institutional investors.

Cadiz Company Profile

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.