Cadiz (NASDAQ:CDZI) Stock Rating Lowered by Zacks Research

Cadiz (NASDAQ:CDZI) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday, Zacks reports.

Separately, Weiss Ratings reaffirmed 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’s stock. According to MarketBeat, Cadiz presently has a consensus rating of “Reduce” and an average price target of $10.00.

Cadiz Price Performance

Shares of CDZI opened at $3.81 on Wednesday. The firm has a market cap of $322.63 million, a PE ratio of -7.62 and a beta of 1.72. 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 1-year low of $2.87 and a 1-year high of $6.96. The firm has a fifty day simple moving average of $3.69 and a two-hundred day simple moving average of $4.02.

Cadiz (NASDAQ:CDZI) last posted its earnings results on Thursday, August 13th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.03). The firm had revenue of $0.98 million during the quarter, compared to the consensus estimate of $3.07 million. Cadiz had a negative net margin of 311.03% and a negative return on equity of 206.79%. On average, equities analysts anticipate that Cadiz will post -0.55 EPS for the current year.

Institutional Investors Weigh In On Cadiz

Several hedge funds and other institutional investors have recently made changes to their positions in CDZI. Squarepoint Ops LLC increased its position in shares of Cadiz by 193.6% during the second quarter. Squarepoint Ops LLC now owns 127,578 shares of the company’s stock worth $533,000 after acquiring an additional 84,129 shares during the period. Corient Private Wealth LP bought a new position in shares of Cadiz during the second quarter valued at approximately $43,000. Ancora Advisors LLC purchased a new position in Cadiz in the second quarter valued at about $195,000. Bank of New York Mellon Corp bought a new position in shares of Cadiz during the 2nd quarter worth approximately $794,000. Finally, Bank of America Corp DE increased its position in shares of Cadiz by 0.3% during the first quarter. Bank of America Corp DE now owns 3,528,294 shares of the company’s stock worth $17,324,000 after purchasing an additional 9,473 shares in the last quarter. Hedge funds and other institutional investors own 79.75% of the company’s stock.

Cadiz Company Profile

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.