Kodiak AI (NASDAQ:KDK) Shares Up 9.1% – Time to Buy?

Kodiak AI, Inc. (NASDAQ:KDK)’s share price rose 9.1% during mid-day trading on Wednesday . The stock traded as high as $5.56 and last traded at $5.54. 697,959 shares changed hands during trading, a decline of 14% from the average session volume of 816,175 shares. The stock had previously closed at $5.08.

Wall Street Analysts Forecast Growth

KDK has been the topic of a number of analyst reports. Citigroup cut their price target on shares of Kodiak AI from $13.50 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, May 13th. TD Cowen decreased their price objective on shares of Kodiak AI from $14.00 to $13.00 and set a “buy” rating for the company in a report on Thursday, March 12th. Craig Hallum assumed coverage on shares of Kodiak AI in a research note on Monday, June 15th. They issued a “buy” rating and a $12.00 target price for the company. Weiss Ratings cut shares of Kodiak AI from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 16th. Finally, Wall Street Zen lowered shares of Kodiak AI from a “hold” rating to a “sell” rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Kodiak AI has a consensus rating of “Moderate Buy” and an average target price of $12.50.

Kodiak AI Price Performance

The company has a market cap of $1.01 billion, a price-to-earnings ratio of -6.03 and a beta of 0.26. The stock has a 50-day moving average price of $7.25 and a 200 day moving average price of $8.29.

Institutional Trading of Kodiak AI

Hedge funds have recently bought and sold shares of the stock. Rokos Capital Management US LP acquired a new position in shares of Kodiak AI in the third quarter valued at approximately $14,185,000. ARK Investment Management LLC lifted its position in Kodiak AI by 190.3% in the 4th quarter. ARK Investment Management LLC now owns 2,669,456 shares of the company’s stock valued at $29,150,000 after acquiring an additional 1,749,863 shares in the last quarter. Geode Capital Management LLC boosted its stake in Kodiak AI by 725.0% in the 4th quarter. Geode Capital Management LLC now owns 1,213,179 shares of the company’s stock worth $13,254,000 after purchasing an additional 1,066,128 shares during the period. Amova Asset Management Americas Inc. boosted its stake in Kodiak AI by 112.5% in the 1st quarter. Amova Asset Management Americas Inc. now owns 1,677,951 shares of the company’s stock worth $11,628,000 after purchasing an additional 888,480 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Kodiak AI by 112.5% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,677,951 shares of the company’s stock worth $11,645,000 after purchasing an additional 888,480 shares in the last quarter. 72.95% of the stock is currently owned by institutional investors and hedge funds.

About Kodiak AI

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.