Wall Street Zen Upgrades Coda Octopus Group (NASDAQ:CODA) to “Buy”

Coda Octopus Group (NASDAQ:CODA) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

Other equities analysts also recently issued reports about the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Coda Octopus Group in a research report on Saturday, September 27th. Alliance Global Partners reissued a “buy” rating on shares of Coda Octopus Group in a research report on Monday, June 16th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Coda Octopus Group Trading Down 3.9%

NASDAQ CODA opened at $8.68 on Friday. The business’s 50-day moving average price is $8.01 and its 200 day moving average price is $7.44. Coda Octopus Group has a twelve month low of $5.76 and a twelve month high of $9.89. The company has a market capitalization of $97.65 million, a PE ratio of 28.93 and a beta of 0.53.

Coda Octopus Group (NASDAQ:CODA) last released its earnings results 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 firm had revenue of $7.07 million for the quarter, compared to the consensus estimate of $7.07 million.

Insider Transactions at Coda Octopus Group

In other Coda Octopus Group news, major shareholder Niels Sondergaard sold 150,000 shares of the business’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $8.15, for a total transaction of $1,222,500.00. Following the completion of the sale, the insider owned 2,045,211 shares of the company’s stock, valued at approximately $16,668,469.65. The trade was a 6.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 206,370 shares of company stock worth $1,685,214 over the last ninety days. 21.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coda Octopus Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. boosted its position in shares of 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 during the period. Jane Street Group LLC purchased a new stake in shares of Coda Octopus Group in the second quarter worth about $207,000. Marshall Wace LLP purchased a new stake in shares of Coda Octopus Group in the second quarter worth about $104,000. Finally, Corsair Capital Management L.P. purchased a new stake in shares of Coda Octopus Group in the second quarter worth about $127,000. Hedge funds and other institutional investors own 20.12% of the company’s stock.

About Coda Octopus Group

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.