Cadiz (NASDAQ:CDZI) Releases Earnings Results, Misses Expectations By $0.03 EPS

Cadiz (NASDAQ:CDZI) released its quarterly earnings data on Thursday. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.03), FiscalAI reports. The firm had revenue of $0.98 million during the quarter, compared to the consensus estimate of $3.07 million. Cadiz had a negative net margin of 311.03% and a negative return on equity of 165.95%.

Cadiz Price Performance

CDZI traded down $0.04 on Friday, reaching $3.47. The company had a trading volume of 485,215 shares, compared to its average volume of 929,905. The business has a 50 day simple moving average of $3.68 and a 200 day simple moving average of $4.49. The company has a market cap of $291.78 million, a price-to-earnings ratio of -6.94 and a beta of 1.86. 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 52-week low of $2.87 and a 52-week high of $6.96.

Insider Transactions at Cadiz

In related news, Director David Mark O’hara purchased 110,865 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was acquired at an average price of $4.58 per share, with a total value of $507,761.70. Following the purchase, the director directly 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 legal filing with the Securities & Exchange Commission, which is available through this link. 2.31% of the stock is currently owned by insiders.

Institutional Trading of Cadiz

A number of hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its position in Cadiz by 12.9% in the second quarter. JPMorgan Chase & Co. now owns 26,889 shares of the company’s stock worth $80,000 after acquiring an additional 3,074 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Cadiz by 28.9% in the second quarter. The Manufacturers Life Insurance Company now owns 21,926 shares of the company’s stock valued at $66,000 after acquiring an additional 4,918 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Cadiz by 20.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,072 shares of the company’s stock valued at $90,000 after purchasing an additional 5,012 shares in the last quarter. Invesco Ltd. lifted its stake in Cadiz by 31.0% during the fourth quarter. Invesco Ltd. now owns 24,673 shares of the company’s stock worth $138,000 after purchasing an additional 5,835 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Cadiz by 115.8% during the third quarter. BNP Paribas Financial Markets now owns 11,062 shares of the company’s stock worth $52,000 after purchasing an additional 5,935 shares during the last quarter. 79.75% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Zacks Research upgraded shares of Cadiz from a “strong sell” rating to a “hold” rating in a research note on Monday, June 1st. Weiss Ratings cut shares of Cadiz from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $10.00.

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.