Coda Octopus Group (NASDAQ:CODA) Shares Cross Below 50 Day Moving Average – Here’s Why

Coda Octopus Group, Inc. (NASDAQ:CODA)’s share price passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $7.99 and traded as low as $6.72. Coda Octopus Group shares last traded at $6.85, with a volume of 12,314 shares.

Analysts Set New Price Targets

Separately, Alliance Global Partners increased their price target on Coda Octopus Group from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Monday, November 11th.

Coda Octopus Group Trading Down 3.0 %

The firm has a market cap of $76.85 million, a PE ratio of 20.76 and a beta of 0.60. The stock has a 50 day simple moving average of $7.96 and a 200-day simple moving average of $8.06.

Institutional Investors Weigh In On Coda Octopus Group

A number of institutional investors have recently bought and sold shares of the business. Citadel Advisors LLC grew its position 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 purchasing an additional 24,084 shares in the last quarter. Northern Trust Corp grew its position 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 purchasing an additional 13,442 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Coda Octopus Group by 3.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 59,999 shares of the company’s stock valued at $470,000 after purchasing an additional 2,180 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Coda Octopus Group by 137.2% during the fourth quarter. Renaissance Technologies LLC now owns 23,751 shares of the company’s stock valued at $186,000 after purchasing an additional 13,737 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Coda Octopus Group by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 59,424 shares of the company’s stock valued at $465,000 after purchasing an additional 2,054 shares in the last quarter. Hedge funds and other institutional investors own 20.12% of the company’s stock.

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