Cadiz (NASDAQ:CDZI) Upgraded at Zacks Research

Zacks Research upgraded shares of Cadiz (NASDAQ:CDZI) from a strong sell rating to a hold rating in a research note issued to investors on Thursday morning,Zacks reports.

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Cadiz in a report on Tuesday, September 1st. One equities 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 stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $10.00.

Cadiz Trading Down 4.8%

Shares of NASDAQ CDZI traded down $0.16 during midday trading on Thursday, reaching $3.16. 737,529 shares of the stock were exchanged, compared to its average volume of 1,240,242. The business has a 50-day simple moving average of $3.79 and a two-hundred day simple moving average of $4.24. The company has a market capitalization of $268.66 million, a price-to-earnings ratio of -6.32 and a beta of 1.82. Cadiz has a 12 month low of $2.87 and a 12 month high of $6.96. The company has a debt-to-equity ratio of 24.97, a current ratio of 1.16 and a quick ratio of 0.96.

Cadiz (NASDAQ:CDZI) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.03). Cadiz had a negative net margin of 311.03% and a negative return on equity of 206.79%. The firm had revenue of $0.98 million during the quarter, compared to analyst estimates of $3.07 million. As a group, equities research analysts expect that Cadiz will post -0.55 EPS for the current year.

Institutional Trading of Cadiz

Several hedge funds have recently bought and sold shares of the stock. Corient Private Wealth LP bought a new position in Cadiz in the second quarter valued at approximately $43,000. Strid Group LLC bought a new stake in shares of Cadiz during the third quarter worth $48,000. Joel Isaacson & Co. LLC bought a new stake in shares of Cadiz during the third quarter worth $82,000. Inceptionr LLC bought a new stake in shares of Cadiz during the first quarter worth $94,000. Finally, Royal Bank of Canada raised its holdings in shares of Cadiz by 797.4% during the first quarter. Royal Bank of Canada now owns 21,600 shares of the company’s stock worth $106,000 after acquiring an additional 19,193 shares during the period. 79.75% of the stock is currently owned by institutional investors and hedge funds.

About Cadiz

Cadiz Inc. is a California-based land and water resource development company. It owns property in the eastern Mojave Desert, where it works on projects involving groundwater conservation, storage and delivery. The company’s principal water initiative, the Cadiz Water Project, is designed to capture and store groundwater and make supplies available to communities and water agencies in Southern California. The project depends on developing the infrastructure and obtaining necessary approvals. Cadiz also operates an agricultural business in the Mojave region, growing crops including lemons.