Cadiz (NASDAQ:CDZI) Rating Increased to Hold at Zacks Research

Cadiz (NASDAQ:CDZI) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of Cadiz from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cadiz in a research report on Monday, April 20th. Finally, Maxim Group began coverage on shares of Cadiz in a research report on Monday, February 2nd. They issued a “buy” rating and a $10.00 price objective on the stock. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $10.00.

Cadiz Trading Up 3.2%

Cadiz stock opened at $4.85 on Monday. The firm’s 50-day moving average is $4.69 and its 200-day moving average is $5.25. The company has a debt-to-equity ratio of 7.32, a quick ratio of 1.76 and a current ratio of 1.88. Cadiz has a 1 year low of $2.75 and a 1 year high of $6.96. The company has a market cap of $407.84 million, a P/E ratio of -10.54 and a beta of 1.81.

Cadiz (NASDAQ:CDZI) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). Cadiz had a negative return on equity of 129.97% and a negative net margin of 221.43%.The business had revenue of $1.63 million during the quarter, compared to the consensus estimate of $4.48 million. On average, equities analysts expect that Cadiz will post -0.4 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director David Mark O’hara bought 110,865 shares of the stock in a transaction on Tuesday, May 26th. The shares were purchased at an average price of $4.58 per share, with a total value of $507,761.70. Following the purchase, the director owned 117,841 shares in the company, valued at approximately $539,711.78. This represents a 1,589.23% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cadiz

Several large investors have recently bought and sold shares of the stock. Levin Capital Strategies L.P. increased its stake in Cadiz by 4.1% during the 1st quarter. Levin Capital Strategies L.P. now owns 3,816,169 shares of the company’s stock valued at $18,737,000 after buying an additional 149,846 shares during the period. Bank of America Corp DE increased its stake in Cadiz by 0.3% during the 1st quarter. Bank of America Corp DE now owns 3,528,294 shares of the company’s stock valued at $17,324,000 after buying an additional 9,473 shares during the period. Vanguard Group Inc. increased its stake in Cadiz by 4.7% during the 3rd quarter. Vanguard Group Inc. now owns 3,035,901 shares of the company’s stock valued at $14,329,000 after buying an additional 135,343 shares during the period. Geode Capital Management LLC increased its stake in Cadiz by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 1,325,245 shares of the company’s stock valued at $7,437,000 after buying an additional 17,117 shares during the period. Finally, State Street Corp increased its stake in Cadiz by 2.4% during the 4th quarter. State Street Corp now owns 1,270,020 shares of the company’s stock valued at $7,125,000 after buying an additional 30,016 shares during the period. Institutional investors and hedge funds own 79.75% of the company’s stock.

Cadiz Company Profile

Cadiz, Inc (NASDAQ: CDZI) is a Southern California–based water resource management company focused on developing and operating groundwater storage, recovery and conveyance projects. The company holds water rights and mineral rights on approximately 34,000 acres in the Mojave Desert and is chiefly known for advancing the Cadiz Water Project, a planned system to capture, store and distribute groundwater to urban and agricultural users in the region.

The company’s primary business activity centers on the development of infrastructure that enables sustainable groundwater banking.