Coda Octopus Group (NASDAQ:CODA) Issues Earnings Results, Misses Expectations By $0.03 EPS

Coda Octopus Group (NASDAQ:CODA) issued its quarterly earnings data on Wednesday. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.03), MarketWatch Earnings reports. The company had revenue of $4.89 million for the quarter. Coda Octopus Group had a return on equity of 9.00% and a net margin of 19.83%.

Coda Octopus Group Trading Up 1.8 %

Shares of NASDAQ CODA opened at $6.34 on Friday. The stock has a market cap of $70.50 million, a price-to-earnings ratio of 17.61 and a beta of 1.02. Coda Octopus Group has a 1-year low of $4.95 and a 1-year high of $11.09. The stock’s 50-day moving average is $8.08 and its 200 day moving average is $8.15.

Hedge Funds Weigh In On Coda Octopus Group

A number of large investors have recently modified their holdings of CODA. BlackRock Inc. grew its position in Coda Octopus Group by 1.3% during the 2nd quarter. BlackRock Inc. now owns 104,856 shares of the company’s stock worth $861,000 after acquiring an additional 1,386 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Coda Octopus Group by 3.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 62,544 shares of the company’s stock worth $429,000 after acquiring an additional 2,317 shares during the last quarter. Millennium Management LLC grew its position in Coda Octopus Group by 71.8% during the 4th quarter. Millennium Management LLC now owns 19,858 shares of the company’s stock worth $136,000 after acquiring an additional 8,297 shares during the last quarter. Royal Bank of Canada bought a new position in Coda Octopus Group during the 2nd quarter worth approximately $74,000. Finally, Geode Capital Management LLC grew its position in Coda Octopus Group by 33.4% during the 2nd quarter. Geode Capital Management LLC now owns 54,433 shares of the company’s stock worth $447,000 after acquiring an additional 13,623 shares during the last quarter. 20.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CODA. TheStreet cut Coda Octopus Group from a “b-” rating to a “c” rating in a report on Wednesday. Alliance Global Partners lowered their price target on Coda Octopus Group from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday.

About Coda Octopus Group

Coda Octopus Group, Inc, together with its subsidiaries, develops, sells, and rentals underwater technologies and equipment for real time 3D imaging, mapping, defense, and survey applications in the United States of America and internationally. The company operates through two segments, Marine Engineering Business and Marine Technology Business.