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

Cadiz, Inc. (NASDAQ:CDZI) shares passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $5.28 and traded as low as $4.06. Cadiz shares last traded at $4.19, with a volume of 1,062,508 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on CDZI shares. Zacks Research lowered Cadiz from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Maxim Group started coverage on Cadiz in a research note on Monday, February 2nd. They issued a “buy” rating and a $10.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cadiz in a research note on Monday, April 20th. Finally, Wall Street Zen downgraded Cadiz from a “sell” rating to a “strong sell” rating in a report on Saturday, April 11th. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $10.00.

Cadiz Stock Up 1.2%

The company has a debt-to-equity ratio of 7.32, a quick ratio of 1.76 and a current ratio of 1.88. The company has a market cap of $356.52 million, a price-to-earnings ratio of -9.22 and a beta of 1.79. The business has a 50-day simple moving average of $4.75 and a 200-day simple moving average of $5.27.

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 net margin of 221.43% and a negative return on equity of 129.97%. The company had revenue of $1.63 million during the quarter, compared to analyst estimates of $4.48 million. On average, equities analysts anticipate that Cadiz, Inc. will post -0.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cadiz

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE raised its position in shares of Cadiz by 0.3% during the 1st quarter. Bank of America Corp DE now owns 3,528,294 shares of the company’s stock worth $17,324,000 after acquiring an additional 9,473 shares in the last quarter. Royal Bank of Canada raised its position in shares of Cadiz by 797.4% during the 1st quarter. Royal Bank of Canada now owns 21,600 shares of the company’s stock worth $106,000 after acquiring an additional 19,193 shares in the last quarter. Inceptionr LLC acquired a new stake in shares of Cadiz during the 1st quarter worth about $94,000. Levin Capital Strategies L.P. raised its position in shares of Cadiz by 4.1% during the 1st quarter. Levin Capital Strategies L.P. now owns 3,816,169 shares of the company’s stock worth $18,737,000 after acquiring an additional 149,846 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Cadiz by 1,511.6% during the 1st quarter. SG Americas Securities LLC now owns 218,094 shares of the company’s stock worth $1,071,000 after acquiring an additional 204,561 shares in the last quarter. 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.