Cadiz (NASDAQ:CDZI) Stock Price Crosses Below 200-Day Moving Average – Here’s What Happened

Shares of Cadiz, Inc. (NASDAQ:CDZI) crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.95 and traded as low as $3.67. Cadiz shares last traded at $3.83, with a volume of 2,951,995 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Zacks Research upgraded Cadiz from a “strong sell” rating to a “hold” rating in a research note on Monday, June 1st. Wall Street Zen downgraded shares of Cadiz from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 11th. Finally, Weiss Ratings lowered shares of Cadiz from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 4th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $10.00.

Cadiz Stock Down 8.3%

The company has a market capitalization of $305.23 million, a price-to-earnings ratio of -7.89 and a beta of 1.83. The business has a fifty day simple moving average of $4.24 and a two-hundred day simple moving average of $4.93. The company has a quick ratio of 1.76, a current ratio of 1.88 and a debt-to-equity ratio of 7.32.

Cadiz (NASDAQ:CDZI) last issued its 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). The company had revenue of $1.63 million during the quarter, compared to analyst estimates of $4.48 million. Cadiz had a negative return on equity of 129.97% and a negative net margin of 221.43%. Equities analysts expect that Cadiz, Inc. will post -0.4 EPS for the current year.

Insider Activity

In other news, Director David Mark O’hara bought 110,865 shares of Cadiz stock in a transaction dated Tuesday, May 26th. The shares were bought at an average price of $4.58 per share, for a total transaction of $507,761.70. Following the purchase, the director owned 117,841 shares of the company’s stock, valued at approximately $539,711.78. This trade represents a 1,589.23% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.31% of the company’s stock.

Institutional Investors Weigh In On Cadiz

A number of hedge funds have recently made changes to their positions in CDZI. AQR Capital Management LLC bought a new position in Cadiz during the 1st quarter valued at about $79,000. Geode Capital Management LLC grew its stake in Cadiz by 19.8% during the second quarter. Geode Capital Management LLC now owns 1,262,379 shares of the company’s stock worth $3,775,000 after buying an additional 208,830 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Cadiz by 12.9% during the second quarter. JPMorgan Chase & Co. now owns 26,889 shares of the company’s stock worth $80,000 after buying an additional 3,074 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Cadiz by 147.0% during the second quarter. Rhumbline Advisers now owns 91,963 shares of the company’s stock worth $275,000 after buying an additional 54,725 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Cadiz in the second quarter valued at approximately $144,000. 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.