Coda Octopus Group, Inc. (NASDAQ:CODA) Sees Large Drop in Short Interest

Coda Octopus Group, Inc. (NASDAQ:CODA) was the recipient of a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 698,100 shares, a drop of 9.3% from the April 30th total of 769,900 shares. Currently, 19.8% of the shares of the company are sold short. Based on an average trading volume of 66,900 shares, the days-to-cover ratio is presently 10.4 days.

NASDAQ:CODA opened at $4.69 on Friday. The company has a quick ratio of 5.12, a current ratio of 6.75 and a debt-to-equity ratio of 0.01. The business’s 50-day moving average price is $5.28 and its 200 day moving average price is $6.65. Coda Octopus Group has a 52-week low of $4.26 and a 52-week high of $15.64. The firm has a market cap of $50.29 million, a P/E ratio of 9.38 and a beta of 1.60.

Coda Octopus Group (NASDAQ:CODA) last posted its quarterly earnings data on Monday, March 16th. The company reported $0.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.02. Coda Octopus Group had a net margin of 20.53% and a return on equity of 17.82%. The company had revenue of $6.68 million during the quarter.

In related news, Director Mary Losty sold 10,000 shares of the company’s stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $5.88, for a total value of $58,800.00. Following the completion of the sale, the director now owns 57,143 shares of the company’s stock, valued at $336,000.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director G Tyler Runnels sold 100,000 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $6.32, for a total transaction of $632,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,490 shares of company stock worth $710,693. 13.40% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of CODA. BlackRock Inc. boosted its stake in shares of Coda Octopus Group by 6.0% during the 1st quarter. BlackRock Inc. now owns 339,052 shares of the company’s stock worth $1,902,000 after acquiring an additional 19,326 shares in the last quarter. Cadence Capital Management LLC acquired a new stake in shares of Coda Octopus Group during the fourth quarter worth $1,062,000. Marshall Wace LLP lifted its holdings in shares of Coda Octopus Group by 184.1% during the fourth quarter. Marshall Wace LLP now owns 123,614 shares of the company’s stock valued at $1,035,000 after purchasing an additional 80,107 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Coda Octopus Group by 8.9% during the fourth quarter. AQR Capital Management LLC now owns 111,166 shares of the company’s stock valued at $930,000 after purchasing an additional 9,059 shares during the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of Coda Octopus Group by 186.2% in the 1st quarter. Federated Hermes Inc. now owns 94,135 shares of the company’s stock valued at $528,000 after purchasing an additional 61,238 shares during the period. 19.15% of the stock is currently owned by institutional investors.

CODA has been the topic of a number of research analyst reports. ValuEngine lowered shares of Coda Octopus Group from a “buy” rating to a “hold” rating in a research note on Saturday, February 15th. TheStreet cut Coda Octopus Group from a “b-” rating to a “c+” rating in a research report on Thursday, April 16th.

Coda Octopus Group Company Profile

Coda Octopus Group, Inc, together with its subsidiaries, develops and sells underwater technologies and equipment for imaging, mapping, defense, and survey applications in the United States, Europe, and Australia. The company operates through two segments, Marine Engineering Business and Marine Technology Business.

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