Cadiz (NASDAQ:CDZI) Issues Quarterly Earnings Results, Misses Estimates By $0.67 EPS

Cadiz (NASDAQ:CDZI) released its earnings results on Tuesday. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.67), FiscalAI reports. Cadiz had a negative net margin of 206.65% and a negative return on equity of 93.48%. The firm had revenue of $5.08 million during the quarter, compared to the consensus estimate of $4.80 million.

Cadiz Trading Down 2.4%

NASDAQ:CDZI traded down $0.12 during trading hours on Thursday, reaching $4.94. The company’s stock had a trading volume of 153,144 shares, compared to its average volume of 766,352. The firm has a market capitalization of $410.56 million, a price-to-earnings ratio of -10.29 and a beta of 2.05. The firm has a 50-day simple moving average of $5.25 and a 200-day simple moving average of $5.33. Cadiz has a 1 year low of $2.13 and a 1 year high of $6.96. The company has a debt-to-equity ratio of 3.14, a quick ratio of 0.96 and a current ratio of 1.26.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CDZI. Bank of America Corp DE increased its holdings in shares of Cadiz by 130.0% in the third quarter. Bank of America Corp DE now owns 3,491,080 shares of the company’s stock worth $16,478,000 after buying an additional 1,973,329 shares during the period. Vanguard Group Inc. boosted its holdings in Cadiz by 4.7% during the 3rd quarter. Vanguard Group Inc. now owns 3,035,901 shares of the company’s stock valued at $14,329,000 after acquiring an additional 135,343 shares during the period. Geode Capital Management LLC grew its position in Cadiz by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 1,325,245 shares of the company’s stock worth $7,437,000 after acquiring an additional 17,117 shares during the last quarter. State Street Corp grew its position in Cadiz by 2.4% during the 4th quarter. State Street Corp now owns 1,270,020 shares of the company’s stock worth $7,125,000 after acquiring an additional 30,016 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Cadiz by 135.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 357,572 shares of the company’s stock worth $2,006,000 after purchasing an additional 205,598 shares during the period. 79.75% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on CDZI shares. Wall Street Zen lowered Cadiz from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cadiz in a report on Wednesday, January 21st. Finally, Maxim Group assumed coverage on Cadiz in a research report on Monday, February 2nd. They issued a “buy” rating and a $10.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cadiz has a consensus rating of “Hold” and an average target price of $10.00.

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.