Kodiak AI (NASDAQ:KDK) Shares Down 6.2% – Should You Sell?

Kodiak AI, Inc. (NASDAQ:KDK)’s share price fell 6.2% during trading on Wednesday . The stock traded as low as $3.61 and last traded at $3.5750. 526,604 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 872,112 shares. The stock had previously closed at $3.81.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Chardan Capital restated a “buy” rating and set a $12.00 target price on shares of Kodiak AI in a research report on Wednesday, September 9th. Citigroup reissued a “buy” rating on shares of Kodiak AI in a research note on Wednesday, August 19th. Craig Hallum began coverage on Kodiak AI in a report on Monday, June 15th. They set a “buy” rating and a $12.00 price objective for the company. Morgan Stanley started coverage on Kodiak AI in a research report on Friday, September 11th. They issued an “equal weight” rating and a $9.00 price objective on the stock. Finally, Needham & Company LLC assumed coverage on Kodiak AI in a research report on Wednesday, September 9th. They set a “buy” rating and a $8.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Kodiak AI currently has an average rating of “Moderate Buy” and an average target price of $10.89.

Kodiak AI Stock Down 5.7%

The company’s 50 day simple moving average is $4.15 and its two-hundred day simple moving average is $6.31. The company has a market capitalization of $720.42 million, a price-to-earnings ratio of -0.76 and a beta of 0.42.

Kodiak AI (NASDAQ:KDK) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.33). The business had revenue of $3.50 million for the quarter. Analysts anticipate that Kodiak AI, Inc. will post -0.78 EPS for the current year.

Institutional Trading of Kodiak AI

Hedge funds have recently modified their holdings of the stock. Alyeska Investment Group L.P. purchased a new position in Kodiak AI during the second quarter valued at approximately $19,538,000. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Kodiak AI by 112.5% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,677,951 shares of the company’s stock worth $11,645,000 after purchasing an additional 888,480 shares during the period. Amova Asset Management Americas Inc. increased its holdings in shares of Kodiak AI by 112.5% during the 1st quarter. Amova Asset Management Americas Inc. now owns 1,677,951 shares of the company’s stock valued at $11,628,000 after purchasing an additional 888,480 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Kodiak AI in the 2nd quarter valued at $9,073,000. Finally, UBS Group AG boosted its holdings in Kodiak AI by 353.3% during the fourth quarter. UBS Group AG now owns 702,058 shares of the company’s stock worth $7,666,000 after buying an additional 547,192 shares in the last quarter. Hedge funds and other institutional investors own 72.95% of the company’s stock.

About Kodiak AI

Kodiak AI, Inc (NASDAQ: KDK) develops autonomous vehicle technology for the trucking and logistics industries. The company’s platform is designed to enable self-driving commercial trucks, with an emphasis on improving freight transportation safety, efficiency and reliability.

Its products and services include autonomous-driving software, vehicle systems and supporting hardware designed for long-haul trucking applications. Kodiak’s technology is intended to help commercial fleets operate vehicles with reduced dependence on human drivers, while supporting remote supervision, fleet management and deployment across defined freight routes.

The company was founded in 2018 as Kodiak Robotics by Don Burnett and has focused primarily on autonomous trucking in the United States.