Cadiz (NASDAQ:CDZI) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Cadiz (NASDAQ:CDZI) issued its quarterly earnings data on Wednesday. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.01), Zacks reports. The company had revenue of $4.15 million for the quarter, compared to the consensus estimate of $3.90 million. Cadiz had a negative return on equity of 97.55% and a negative net margin of 217.49%.

Cadiz Price Performance

Shares of CDZI traded up $0.16 during trading hours on Thursday, reaching $4.76. 381,914 shares of the company traded hands, compared to its average volume of 635,676. The stock has a fifty day simple moving average of $4.75 and a 200 day simple moving average of $3.68. Cadiz has a fifty-two week low of $2.13 and a fifty-two week high of $6.10. The company has a quick ratio of 1.55, a current ratio of 1.81 and a debt-to-equity ratio of 2.40. The stock has a market capitalization of $390.31 million, a PE ratio of -9.29 and a beta of 1.90.

Hedge Funds Weigh In On Cadiz

A number of large investors have recently made changes to their positions in CDZI. BNP Paribas Financial Markets lifted its holdings in Cadiz by 115.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,062 shares of the company’s stock worth $52,000 after purchasing an additional 5,935 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Cadiz by 28.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,926 shares of the company’s stock valued at $66,000 after purchasing an additional 4,918 shares during the period. JPMorgan Chase & Co. increased its position in Cadiz by 12.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 26,889 shares of the company’s stock worth $80,000 after buying an additional 3,074 shares during the period. AQR Capital Management LLC bought a new stake in shares of Cadiz in the first quarter valued at approximately $79,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Cadiz by 20.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,072 shares of the company’s stock worth $90,000 after acquiring an additional 5,012 shares during the period. Institutional investors and hedge funds own 79.75% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on CDZI. Wall Street Zen upgraded Cadiz from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. Zacks Research upgraded Cadiz from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cadiz in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Cadiz currently has a consensus rating of “Hold” and an average target price of $10.00.

About Cadiz

Cadiz Inc, together with its subsidiaries, provides water solutions in the United States. The company operates through Land and Water Resources; and Water Filtration Technology segments. It offers water supply, water storage, water conveyance, and water filtration services. In addition, the company is involved in the cultivation of grain crops and alfalfa, as well as provides water filtration solutions for impaired or contaminated groundwater sources.