Coda Octopus Group (NASDAQ:CODA) Major Shareholder Sells $57,015.69 in Stock

Coda Octopus Group Inc. (NASDAQ:CODA) major shareholder Niels Sondergaard sold 7,013 shares of Coda Octopus Group stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $8.13, for a total value of $57,015.69. Following the completion of the sale, the insider directly owned 2,195,211 shares in the company, valued at $17,847,065.43. This trade represents a 0.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Niels Sondergaard also recently made the following trade(s):

• On Monday, September 22nd, Niels Sondergaard sold 16,995 shares of Coda Octopus Group stock. The stock was sold at an average price of $8.20, for a total value of $139,359.00.
• On Friday, September 19th, Niels Sondergaard sold 32,362 shares of Coda Octopus Group stock. The stock was sold at an average price of $8.23, for a total value of $266,339.26.

Coda Octopus Group Trading Down 5.0%

Shares of CODA stock opened at $8.20 on Friday. Coda Octopus Group Inc. has a 12-month low of $5.76 and a 12-month high of $9.89. The stock’s 50-day moving average price is $7.81 and its 200-day moving average price is $7.27. The stock has a market capitalization of $92.25 million, a price-to-earnings ratio of 27.33 and a beta of 0.60.

Coda Octopus Group (NASDAQ:CODA) last issued its earnings results on Monday, September 15th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.02. Coda Octopus Group had a return on equity of 6.26% and a net margin of 14.09%.The firm had revenue of $7.07 million for the quarter, compared to analysts’ expectations of $7.07 million.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CODA. Alliance Global Partners reissued a “buy” rating on shares of Coda Octopus Group in a research note on Monday, June 16th. Wall Street Zen cut Coda Octopus Group from a “buy” rating to a “hold” rating in a research note on Saturday, September 13th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $11.00.

Institutional Investors Weigh In On Coda Octopus Group

Large investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP bought a new position in shares of Coda Octopus Group during the second quarter valued at approximately $104,000. Corsair Capital Management L.P. bought a new position in shares of Coda Octopus Group during the second quarter valued at approximately $127,000. Jane Street Group LLC bought a new position in shares of Coda Octopus Group during the second quarter valued at approximately $207,000. Northern Trust Corp grew its stake in shares of Coda Octopus Group by 52.9% during the fourth quarter. Northern Trust Corp now owns 38,833 shares of the company’s stock valued at $304,000 after buying an additional 13,442 shares during the last quarter. Finally, Citadel Advisors LLC grew its stake in shares of Coda Octopus Group by 90.1% during the fourth quarter. Citadel Advisors LLC now owns 50,804 shares of the company’s stock valued at $398,000 after buying an additional 24,084 shares during the last quarter. 20.12% of the stock is owned by institutional investors.

Coda Octopus Group Company Profile

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 Americas, Europe, Australia, Asia, the Middle East, and Africa. The company operates through two segments, Marine Engineering Business and Marine Technology Business.