Kodiak AI (NASDAQ:KDK) Trading Down 6.2% After Analyst Downgrade

Kodiak AI, Inc. (NASDAQ:KDK)’s share price fell 6.2% on Wednesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock traded as low as $3.61 and last traded at $3.5750. 526,604 shares were traded during trading, a decline of 40% from the average daily volume of 872,112 shares. The stock had previously closed at $3.81.

Several other research analysts have also recently issued reports on the company. Oppenheimer initiated coverage on Kodiak AI in a research note on Tuesday, August 25th. They issued an “outperform” rating and a $9.00 price target for the company. Craig Hallum started coverage on shares of Kodiak AI in a report on Monday, June 15th. They issued a “buy” rating and a $12.00 price objective for the company. Chardan Capital reiterated a “buy” rating and issued a $12.00 target price on shares of Kodiak AI in a research report on Wednesday, September 9th. Citigroup reiterated a “buy” rating on shares of Kodiak AI in a research report on Wednesday, August 19th. Finally, Morgan Stanley initiated coverage on shares of Kodiak AI in a research note on Friday, September 11th. They set an “equal weight” rating and a $9.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.89.

Institutional Trading of Kodiak AI

A number of hedge funds and other institutional investors have recently modified their holdings of the company. HighTower Advisors LLC acquired a new stake in shares of Kodiak AI in the second quarter valued at $121,000. Alyeska Investment Group L.P. acquired a new position in Kodiak AI during the second quarter worth about $19,538,000. Hsbc Holdings PLC acquired a new position in Kodiak AI during the second quarter worth about $248,000. Bank of America Corp DE bought a new stake in Kodiak AI in the second quarter worth about $586,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Kodiak AI in the second quarter worth about $103,000. Institutional investors own 72.95% of the company’s stock.

Kodiak AI Stock Performance

The company has a market capitalization of $768.37 million, a price-to-earnings ratio of -0.81 and a beta of 0.42. The stock’s fifty day simple moving average is $4.09 and its two-hundred day simple moving average is $6.25.

Kodiak AI (NASDAQ:KDK) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.33). The firm had revenue of $3.50 million for the quarter. On average, equities analysts anticipate that Kodiak AI, Inc. will post -0.92 EPS for the current fiscal year.

About Kodiak AI

Kodiak AI, Inc (NASDAQ: KDK) develops autonomous vehicle technology for the trucking and logistics industries. The company’s platform is designed to enable self-driving commercial trucks, with an emphasis on improving freight transportation safety, efficiency and reliability.

Its products and services include autonomous-driving software, vehicle systems and supporting hardware designed for long-haul trucking applications. Kodiak’s technology is intended to help commercial fleets operate vehicles with reduced dependence on human drivers, while supporting remote supervision, fleet management and deployment across defined freight routes.

The company was founded in 2018 as Kodiak Robotics by Don Burnett and has focused primarily on autonomous trucking in the United States.