Rangeley Capital LLC Has $246,000 Holdings in Cadiz, Inc. $CDZI

Rangeley Capital LLC decreased its position in shares of Cadiz, Inc. (NASDAQ:CDZI) by 79.9% in the 1st quarter, HoldingsChannel reports. The fund owned 50,000 shares of the company’s stock after selling 199,000 shares during the period. Rangeley Capital LLC’s holdings in Cadiz were worth $246,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Bank of America Corp DE lifted 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 worth $16,478,000 after purchasing an additional 1,973,329 shares in the last quarter. Potomac Capital Management Inc. bought a new stake in Cadiz during the 4th quarter valued at $1,879,000. Stonehill Capital Management LLC bought a new stake in Cadiz during the 4th quarter valued at $1,859,000. Geode Capital Management LLC increased its stake in Cadiz by 19.8% during the 2nd 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 in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Cadiz by 135.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 357,572 shares of the company’s stock worth $2,006,000 after buying an additional 205,598 shares during the last quarter. 79.75% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cadiz

In other news, Director David Mark O’hara bought 110,865 shares of Cadiz stock in a transaction dated 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 purchase, the director directly owned 117,841 shares in the company, valued at $539,711.78. The trade was a 1,589.23% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.31% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CDZI shares. Weiss Ratings lowered shares of Cadiz from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 4th. Wall Street Zen downgraded shares of Cadiz from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 11th. Finally, Zacks Research upgraded shares of Cadiz from a “strong sell” rating to a “hold” rating in a report on Monday, June 1st. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $10.00.

Cadiz Price Performance

Shares of NASDAQ:CDZI opened at $3.16 on Monday. The stock has a market cap of $265.72 million, a price-to-earnings ratio of -6.87 and a beta of 1.83. The company has a quick ratio of 1.76, a current ratio of 1.88 and a debt-to-equity ratio of 7.32. Cadiz, Inc. has a 12-month low of $2.89 and a 12-month high of $6.96. The business’s 50 day moving average is $4.03 and its 200 day moving average is $4.81.

Cadiz (NASDAQ:CDZI) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The company had revenue of $1.63 million for the quarter, compared to the consensus estimate of $4.48 million. Cadiz had a negative return on equity of 129.97% and a negative net margin of 221.43%. On average, sell-side analysts forecast that Cadiz, Inc. will post -0.41 earnings per share for the current fiscal year.

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.