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

Cadiz, Inc. (NASDAQ:CDZI) passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $4.13 and traded as low as $3.50. Cadiz shares last traded at $3.92, with a volume of 2,520,629 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Cadiz in a report on Tuesday, September 1st. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $10.00.

Cadiz Stock Up 3.5%

The company has a current ratio of 1.16, a quick ratio of 0.96 and a debt-to-equity ratio of 24.97. The firm’s fifty day moving average price is $3.60 and its 200-day moving average price is $4.12. The company has a market cap of $324.32 million, a price-to-earnings ratio of -7.66 and a beta of 1.72.

Cadiz (NASDAQ:CDZI) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.03). Cadiz had a negative net margin of 311.03% and a negative return on equity of 206.79%. The company had revenue of $0.98 million during the quarter, compared to analyst estimates of $3.07 million. Sell-side analysts predict that Cadiz, Inc. will post -0.43 earnings per share for the current year.

Hedge Funds Weigh In On Cadiz

Hedge funds and other institutional investors have recently made changes to their positions in the company. Squarepoint Ops LLC grew its holdings in Cadiz by 193.6% during the second quarter. Squarepoint Ops LLC now owns 127,578 shares of the company’s stock worth $533,000 after purchasing an additional 84,129 shares during the period. Corient Private Wealth LP bought a new position in Cadiz in the 2nd quarter valued at about $43,000. Ancora Advisors LLC bought a new stake in shares of Cadiz during the second quarter worth approximately $195,000. Bank of New York Mellon Corp acquired a new position in shares of Cadiz in the second quarter valued at approximately $794,000. Finally, Bank of America Corp DE lifted its holdings in 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 purchasing an additional 9,473 shares during the last quarter. 79.75% of the stock is owned by institutional investors.

Cadiz Company Profile

Cadiz, Inc is a California-based water resources and infrastructure company focused on developing, managing and delivering water supplies. The company owns land and water rights in the Mojave Desert and works to conserve, store, transport and supply water for communities, agriculture and other users in California.

Its principal project is the Cadiz Water Conservation, Recovery and Storage Project in San Bernardino County. The project is designed to capture and conserve native groundwater that would otherwise be lost to evaporation, while supporting water storage and delivery through regional infrastructure.