Cadiz (NASDAQ:CDZI) Announces Quarterly Earnings Results

Cadiz (NASDAQ:CDZI) posted its earnings results on Thursday. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.03), FiscalAI reports. Cadiz had a negative return on equity of 129.97% and a negative net margin of 221.43%.The business had revenue of $0.98 million during the quarter, compared to the consensus estimate of $3.07 million.

Cadiz Stock Down 1.3%

NASDAQ CDZI traded down $0.04 on Friday, reaching $3.46. 139,740 shares of the stock traded hands, compared to its average volume of 866,009. Cadiz has a 12 month low of $2.87 and a 12 month high of $6.96. The company has a market cap of $291.37 million, a price-to-earnings ratio of -7.53 and a beta of 1.86. The company has a fifty day moving average price of $3.69 and a 200-day moving average price of $4.49. The company has a debt-to-equity ratio of 7.32, a quick ratio of 1.76 and a current ratio of 1.88.

Wall Street Analyst Weigh In

Several research analysts recently commented on CDZI shares. Weiss Ratings lowered Cadiz from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 4th. Zacks Research raised Cadiz from a “strong sell” rating to a “hold” rating in a research note on Monday, June 1st. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cadiz has a consensus rating of “Hold” and an average target price of $10.00.

Insider Buying and Selling

In related news, Director David Mark O’hara bought 110,865 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were bought at an average price of $4.58 per share, for a total transaction of $507,761.70. Following the completion of the purchase, the director directly owned 117,841 shares of the company’s stock, valued at approximately $539,711.78. This trade represents a 1,589.23% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.31% of the company’s stock.

Institutional Investors Weigh In On Cadiz

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE raised its position in Cadiz by 130.0% during the 3rd quarter. Bank of America Corp DE now owns 3,491,080 shares of the company’s stock worth $16,478,000 after buying an additional 1,973,329 shares during the last quarter. Vanguard Group Inc. increased its holdings in Cadiz by 4.7% in the 3rd quarter. Vanguard Group Inc. now owns 3,035,901 shares of the company’s stock worth $14,329,000 after acquiring an additional 135,343 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Cadiz by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 1,325,245 shares of the company’s stock valued at $7,437,000 after acquiring an additional 17,117 shares during the last quarter. State Street Corp raised its position in shares of Cadiz by 2.4% in the fourth quarter. State Street Corp now owns 1,270,020 shares of the company’s stock valued at $7,125,000 after buying an additional 30,016 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Cadiz by 135.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 357,572 shares of the company’s stock worth $2,006,000 after buying an additional 205,598 shares during the last quarter. 79.75% of the stock is currently owned by institutional investors and hedge funds.

About Cadiz

Cadiz, Inc (NASDAQ: CDZI) is a Southern California–based water resource management company focused on developing and operating groundwater storage, recovery and conveyance projects. The company holds water rights and mineral rights on approximately 34,000 acres in the Mojave Desert and is chiefly known for advancing the Cadiz Water Project, a planned system to capture, store and distribute groundwater to urban and agricultural users in the region.

The company’s primary business activity centers on the development of infrastructure that enables sustainable groundwater banking.