Coda Octopus Group (NASDAQ:CODA) Announces Earnings Results

Coda Octopus Group (NASDAQ:CODA) announced its quarterly earnings data on Wednesday. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.03), MarketWatch Earnings reports. Coda Octopus Group had a net margin of 21.88% and a return on equity of 10.78%.

Coda Octopus Group Trading Down 16.7 %

Coda Octopus Group stock opened at $6.23 on Thursday. The firm has a market cap of $69.27 million, a P/E ratio of 14.49 and a beta of 1.02. Coda Octopus Group has a 1-year low of $4.95 and a 1-year high of $11.09. The firm has a 50-day moving average of $8.11 and a 200-day moving average of $8.16.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CODA. BlackRock Inc. lifted its holdings in Coda Octopus Group by 1.3% in the 2nd quarter. BlackRock Inc. now owns 104,856 shares of the company’s stock worth $861,000 after buying an additional 1,386 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Coda Octopus Group by 3.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 62,544 shares of the company’s stock valued at $429,000 after acquiring an additional 2,317 shares in the last quarter. Millennium Management LLC lifted its stake in Coda Octopus Group by 71.8% in the fourth quarter. Millennium Management LLC now owns 19,858 shares of the company’s stock worth $136,000 after acquiring an additional 8,297 shares during the period. Royal Bank of Canada purchased a new stake in Coda Octopus Group in the second quarter worth $74,000. Finally, Geode Capital Management LLC increased its position in Coda Octopus Group by 33.4% during the 2nd quarter. Geode Capital Management LLC now owns 54,433 shares of the company’s stock valued at $447,000 after purchasing an additional 13,623 shares during the period. Hedge funds and other institutional investors own 20.20% of the company’s stock.

Analyst Ratings Changes

Separately, Alliance Global Partners decreased their target price on shares of Coda Octopus Group from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday.

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 United States of America and internationally. The company operates through two segments, Marine Engineering Business and Marine Technology Business.