Cadiz (NASDAQ:CDZI) Stock Price Down 6.4% – Here’s What Happened

Cadiz, Inc. (NASDAQ:CDZI) shares traded down 6.4% during trading on Wednesday . The stock traded as low as $6.11 and last traded at $6.04. 186,374 shares changed hands during trading, a decline of 79% from the average session volume of 886,064 shares. The stock had previously closed at $6.45.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CDZI. Wall Street Zen upgraded Cadiz from a “sell” rating to a “hold” rating in a research note on Saturday, November 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cadiz in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $10.00.

Cadiz Stock Performance

The company’s 50-day simple moving average is $5.86 and its 200 day simple moving average is $4.80. The company has a current ratio of 1.26, a quick ratio of 0.96 and a debt-to-equity ratio of 3.14. The stock has a market cap of $468.74 million, a P/E ratio of -11.51 and a beta of 2.02.

Cadiz (NASDAQ:CDZI) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The company had revenue of $4.15 million for the quarter, compared to analysts’ expectations of $3.90 million. Cadiz had a negative return on equity of 93.48% and a negative net margin of 206.65%. As a group, sell-side analysts expect that Cadiz, Inc. will post -0.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Cadiz

Large investors have recently added to or reduced their stakes in the business. Neuberger Berman Group LLC purchased a new stake in shares of Cadiz during the 2nd quarter valued at $32,000. ProShare Advisors LLC purchased a new stake in Cadiz in the second quarter worth approximately $34,000. Quarry LP bought a new position in Cadiz during the third quarter valued at approximately $40,000. Evelyn Partners Investment Management LLP lifted its holdings in shares of Cadiz by 1,526.4% in the 2nd quarter. Evelyn Partners Investment Management LLP now owns 15,191 shares of the company’s stock worth $45,000 after acquiring an additional 14,257 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of Cadiz by 115.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,062 shares of the company’s stock valued at $52,000 after purchasing an additional 5,935 shares in the last quarter. Institutional investors own 79.75% of the company’s stock.

About Cadiz

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.