Kodiak AI, Inc. (NASDAQ:KDK) Sees Large Increase in Short Interest

Kodiak AI, Inc. (NASDAQ:KDK) was the recipient of a large growth in short interest during the month of May. As of May 15th, there was short interest totaling 8,640,517 shares, a growth of 67.6% from the April 30th total of 5,156,382 shares. Approximately 6.6% of the company’s shares are sold short. Based on an average trading volume of 1,572,161 shares, the days-to-cover ratio is currently 5.5 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. ARK Investment Management LLC grew its position in shares of Kodiak AI by 190.3% in the 4th quarter. ARK Investment Management LLC now owns 2,669,456 shares of the company’s stock worth $29,150,000 after buying an additional 1,749,863 shares during the last quarter. Rokos Capital Management US LP purchased a new position in shares of Kodiak AI in the 3rd quarter worth approximately $14,185,000. Amova Asset Management Americas Inc. grew its position in Kodiak AI by 112.5% during 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 last quarter. Sumitomo Mitsui Trust Group Inc. grew its position 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 during the last quarter. Finally, Geode Capital Management LLC grew its position in Kodiak AI by 725.0% during 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 last quarter. Hedge funds and other institutional investors own 72.95% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on KDK. Weiss Ratings reiterated a “sell (d-)” rating on shares of Kodiak AI in a report on Friday, March 27th. Citigroup decreased their price objective on shares of Kodiak AI from $13.50 to $11.00 and set a “buy” rating for the company in a report on Wednesday, May 13th. Wall Street Zen raised shares of Kodiak AI from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Northland Securities set a $11.00 target price on shares of Kodiak AI in a research report on Monday, May 11th. Finally, TD Cowen cut their target price on shares of Kodiak AI from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.60.

Kodiak AI Stock Performance

NASDAQ KDK opened at $6.89 on Thursday. The company’s 50-day simple moving average is $7.98 and its two-hundred day simple moving average is $8.36. Kodiak AI has a one year low of $5.43 and a one year high of $11.57. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of -7.57 and a beta of 0.26.

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.