Niels Sondergaard Sells 150,000 Shares of Coda Octopus Group (NASDAQ:CODA) Stock

Coda Octopus Group Inc. (NASDAQ:CODA) major shareholder Niels Sondergaard sold 150,000 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $8.15, for a total value of $1,222,500.00. Following the sale, the insider directly owned 2,045,211 shares in the company, valued at $16,668,469.65. The trade was a 6.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Niels Sondergaard also recently made the following trade(s):

• On Tuesday, September 23rd, Niels Sondergaard sold 7,013 shares of Coda Octopus Group stock. The stock was sold at an average price of $8.13, for a total value of $57,015.69.
• On Monday, September 22nd, Niels Sondergaard sold 16,995 shares of Coda Octopus Group stock. The stock was sold at an average price of $8.20, for a total value of $139,359.00.
• On Friday, September 19th, Niels Sondergaard sold 32,362 shares of Coda Octopus Group stock. The stock was sold at an average price of $8.23, for a total value of $266,339.26.

Coda Octopus Group Price Performance

Shares of NASDAQ CODA opened at $8.72 on Friday. The business’s 50 day moving average is $7.88 and its two-hundred day moving average is $7.34. Coda Octopus Group Inc. has a 1-year low of $5.76 and a 1-year high of $9.89. The stock has a market capitalization of $98.10 million, a P/E ratio of 29.07 and a beta of 0.53.

Coda Octopus Group (NASDAQ:CODA) last issued its quarterly earnings data on Monday, September 15th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.02. Coda Octopus Group had a return on equity of 6.26% and a net margin of 14.09%.The company had revenue of $7.07 million for the quarter, compared to analysts’ expectations of $7.07 million.

Analyst Ratings Changes

Several research analysts have issued reports on CODA shares. Alliance Global Partners restated a “buy” rating on shares of Coda Octopus Group in a research report on Monday, June 16th. Wall Street Zen lowered Coda Octopus Group from a “buy” rating to a “hold” rating in a research report on Saturday, September 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Coda Octopus Group in a research report on Saturday, September 27th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.00.

Hedge Funds Weigh In On Coda Octopus Group

A number of large investors have recently bought and sold shares of the business. Osaic Holdings Inc. raised its stake in Coda Octopus Group by 18.6% in the second quarter. Osaic Holdings Inc. now owns 79,434 shares of the company’s stock worth $650,000 after buying an additional 12,433 shares in the last quarter. Marshall Wace LLP bought a new position in Coda Octopus Group in the second quarter worth approximately $104,000. Corsair Capital Management L.P. bought a new position in Coda Octopus Group in the second quarter worth approximately $127,000. Finally, Jane Street Group LLC bought a new position in Coda Octopus Group in the second quarter worth approximately $207,000. Institutional investors own 20.12% of the company’s stock.

Coda Octopus Group Company Profile

Coda Octopus Group, Inc, together with its subsidiaries, develops, sells, and rentals underwater technologies and equipment for real time 3D imaging, mapping, defense, and survey applications in the Americas, Europe, Australia, Asia, the Middle East, and Africa. The company operates through two segments, Marine Engineering Business and Marine Technology Business.