Kodiak AI (NASDAQ:KDK) Stock Price Down 6.9% – Time to Sell?

Kodiak AI, Inc. (NASDAQ:KDK) shares fell 6.9% on Thursday . The company traded as low as $5.00 and last traded at $5.0650. 819,179 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 802,213 shares. The stock had previously closed at $5.44.

Analyst Ratings Changes

Several brokerages have recently commented on KDK. Craig Hallum began coverage on shares of Kodiak AI in a research report on Monday, June 15th. They set a “buy” rating and a $12.00 price objective on the stock. Chardan Capital dropped their target price on shares of Kodiak AI from $22.00 to $15.00 and set a “buy” rating for the company in a report on Friday, May 8th. TD Cowen cut their price target on Kodiak AI from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Thursday, March 12th. Weiss Ratings cut Kodiak AI from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 16th. Finally, Northland Securities set a $11.00 price objective on Kodiak AI in a research report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $12.50.

Kodiak AI Trading Down 6.3%

The firm has a market cap of $936.72 million, a PE ratio of -5.60 and a beta of 0.26. The firm’s 50 day simple moving average is $7.59 and its 200 day simple moving average is $8.35.

Hedge Funds Weigh In On Kodiak AI

Several institutional investors have recently bought and sold shares of the business. Rokos Capital Management US LP purchased a new stake in shares of Kodiak AI during the 3rd quarter valued at about $14,185,000. ARK Investment Management LLC increased its stake in Kodiak AI by 190.3% during the fourth quarter. ARK Investment Management LLC now owns 2,669,456 shares of the company’s stock worth $29,150,000 after acquiring an additional 1,749,863 shares during the last quarter. Geode Capital Management LLC increased its stake in Kodiak AI by 725.0% during the fourth quarter. Geode Capital Management LLC now owns 1,213,179 shares of the company’s stock worth $13,254,000 after acquiring an additional 1,066,128 shares during the last quarter. Amova Asset Management Americas Inc. raised its position in Kodiak AI by 112.5% during the first quarter. Amova Asset Management Americas Inc. now owns 1,677,951 shares of the company’s stock valued at $11,628,000 after purchasing an additional 888,480 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Kodiak AI by 112.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,677,951 shares of the company’s stock valued at $11,645,000 after purchasing an additional 888,480 shares during the period. Institutional investors own 72.95% of the company’s stock.

Kodiak AI Company Profile

We are a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to as our initial business combination. Our only activities since inception have been organizational activities and those necessary to prepare for this offering. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.