Coda Octopus Group (NASDAQ:CODA) Issues Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Coda Octopus Group (NASDAQ:CODA) announced its earnings results 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 19.83% and a return on equity of 9.00%. The firm had revenue of $4.89 million during the quarter.

Coda Octopus Group Price Performance

CODA opened at $6.34 on Friday. The stock has a market capitalization of $70.50 million, a price-to-earnings ratio of 17.61 and a beta of 1.02. The business has a 50-day moving average of $8.08 and a two-hundred day moving average of $8.15. Coda Octopus Group has a 12 month low of $4.95 and a 12 month high of $11.09.

Institutional Trading of Coda Octopus Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada purchased a new stake in Coda Octopus Group in the 2nd quarter valued at about $74,000. BlackRock Inc. grew 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 valued at $861,000 after buying an additional 1,386 shares during the period. Geode Capital Management LLC grew its holdings in Coda Octopus Group by 33.4% in the 2nd quarter. Geode Capital Management LLC now owns 54,433 shares of the company’s stock valued at $447,000 after buying an additional 13,623 shares during the period. Dimensional Fund Advisors LP grew its holdings in Coda Octopus Group by 6.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 66,850 shares of the company’s stock valued at $485,000 after buying an additional 4,306 shares during the period. Finally, Millennium Management LLC grew its holdings in Coda Octopus Group by 71.8% in the 4th quarter. Millennium Management LLC now owns 19,858 shares of the company’s stock valued at $136,000 after buying an additional 8,297 shares during the period. Hedge funds and other institutional investors own 20.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CODA. TheStreet downgraded shares of Coda Octopus Group from a “b-” rating to a “c” rating in a research note on Wednesday. Alliance Global Partners cut their target price on shares of Coda Octopus Group from $12.00 to $10.00 and set a “buy” rating for the company 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.