Kodiak AI (NASDAQ:KDK) Stock Price Down 7.9% – Here’s Why

Kodiak AI, Inc. (NASDAQ:KDK) fell 7.9% during trading on Wednesday . The stock traded as low as $9.13 and last traded at $9.19. 371,111 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 659,582 shares. The stock had previously closed at $9.98.

Analyst Upgrades and Downgrades

KDK has been the topic of a number of recent research reports. TD Cowen initiated coverage on shares of Kodiak AI in a report on Monday, November 10th. They issued a “buy” rating and a $14.00 price objective on the stock. Citigroup started coverage on shares of Kodiak AI in a research report on Monday, October 20th. They issued a “buy” rating and a $13.50 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Kodiak AI in a research report on Monday, December 29th. Wall Street Zen cut Kodiak AI to a “strong sell” rating in a report on Friday, November 28th. Finally, Zacks Research raised Kodiak AI to a “hold” rating in a research report on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $15.90.

Kodiak AI Stock Performance

The stock has a fifty day moving average price of $8.43. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of -27.09 and a beta of -0.41.

Kodiak AI (NASDAQ:KDK) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.33). The business had revenue of $0.77 million during the quarter, compared to analysts’ expectations of $0.50 million.

Hedge Funds Weigh In On Kodiak AI

Several institutional investors and hedge funds have recently modified their holdings of KDK. Meteora Capital LLC bought a new position in shares of Kodiak AI in the third quarter valued at about $3,924,000. AQR Arbitrage LLC bought a new stake in shares of Kodiak AI during the 3rd quarter worth about $4,802,000. Rokos Capital Management US LP acquired a new position in Kodiak AI in the 3rd quarter valued at about $14,185,000. UBS Group AG bought a new position in Kodiak AI in the 3rd quarter valued at about $1,059,000. Finally, Curated Wealth Partners LLC bought a new position in Kodiak AI in the 4th quarter valued at about $649,000. 72.95% of the stock is currently owned by institutional investors and hedge funds.

Kodiak AI Company Profile

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.