Cadiz (NASDAQ:CDZI) Issues Quarterly Earnings Results, Misses Expectations By $0.05 EPS

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

Cadiz Stock Up 1.2%

Shares of NASDAQ:CDZI traded up $0.04 on Thursday, hitting $3.51. 584,419 shares of the company’s stock were exchanged, compared to its average volume of 870,894. Cadiz has a 1-year low of $2.87 and a 1-year high of $6.96. The company has a market capitalization of $295.16 million, a PE ratio of -7.63 and a beta of 1.86. The company has a debt-to-equity ratio of 7.32, a quick ratio of 1.76 and a current ratio of 1.88. The firm’s 50-day moving average is $3.72 and its 200 day moving average is $4.52.

Analysts Set New Price Targets

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

Insider Buying and Selling at Cadiz

In other Cadiz news, Director David Mark O’hara bought 110,865 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was purchased at an average price of $4.58 per share, for a total transaction of $507,761.70. Following the completion of the purchase, the director directly owned 117,841 shares in the company, valued at $539,711.78. This trade represents a 1,589.23% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.31% of the company’s stock.

Institutional Trading of Cadiz

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its holdings in shares of Cadiz by 130.0% in 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 buying an additional 1,973,329 shares in the last quarter. Vanguard Group Inc. raised its stake in Cadiz by 4.7% during the 3rd 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 in the last quarter. Geode Capital Management LLC lifted its position in Cadiz by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 1,325,245 shares of the company’s stock valued at $7,437,000 after acquiring an additional 17,117 shares during the last quarter. State Street Corp lifted its position in Cadiz by 2.4% in the fourth quarter. State Street Corp now owns 1,270,020 shares of the company’s stock valued at $7,125,000 after acquiring an additional 30,016 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Cadiz by 135.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 357,572 shares of the company’s stock valued at $2,006,000 after acquiring an additional 205,598 shares in the last quarter. 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.