Coda Octopus Group (NASDAQ:CODA) Shares Up 5.9% – Here’s Why

Shares of Coda Octopus Group Inc. (NASDAQ:CODA) traded up 5.9% during trading on Monday. The stock traded as high as $8.98 and last traded at $8.83. 70,213 shares changed hands during trading, a decline of 22% from the average daily volume of 89,830 shares. The stock had previously closed at $8.34.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Coda Octopus Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Coda Octopus Group currently has a consensus rating of “Moderate Buy” and an average target price of $14.00.

Coda Octopus Group Stock Performance

The firm has a market cap of $98.50 million, a P/E ratio of 19.84 and a beta of 0.68. The business’s 50-day simple moving average is $10.03 and its 200 day simple moving average is $11.13.

Coda Octopus Group (NASDAQ:CODA) last released its quarterly earnings results on Monday, September 14th. The company reported $0.12 earnings per share for the quarter, meeting the consensus estimate of $0.12. The firm had revenue of $7.72 million for the quarter, compared to analysts’ expectations of $7.26 million. Coda Octopus Group had a return on equity of 8.32% and a net margin of 17.64%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. 4WEALTH Advisors Inc. boosted its position in Coda Octopus Group by 50.1% in the third quarter. 4WEALTH Advisors Inc. now owns 18,669 shares of the company’s stock worth $203,000 after purchasing an additional 6,235 shares during the last quarter. NewEdge Advisors LLC lifted its stake in shares of Coda Octopus Group by 3,163.3% in the 2nd quarter. NewEdge Advisors LLC now owns 11,389 shares of the company’s stock worth $111,000 after purchasing an additional 11,040 shares during the period. Grandeur Peak Global Advisors LLC lifted its stake in shares of Coda Octopus Group by 9.9% in the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 68,683 shares of the company’s stock worth $671,000 after purchasing an additional 6,164 shares during the period. Navellier & Associates Inc. lifted its stake in shares of Coda Octopus Group by 41.7% in the 2nd quarter. Navellier & Associates Inc. now owns 65,811 shares of the company’s stock worth $643,000 after purchasing an additional 19,361 shares during the period. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Coda Octopus Group in the first quarter worth approximately $173,000. Institutional investors own 20.12% of the company’s stock.

About Coda Octopus Group

Coda Octopus Group, Inc. (NASDAQ: CODA) develops and supplies marine technology and engineering solutions for underwater operations. Its business serves defense and security organizations, offshore energy companies, subsea construction contractors, marine surveyors and other customers that require real-time underwater data and positioning capabilities. The company’s products include the Echoscope family of real-time three-dimensional sonar systems, which are designed to provide high-resolution imaging and visualization of underwater environments.