Cadiz (NASDAQ:CDZI) Downgraded to Strong Sell Rating by Zacks Research

Cadiz (NASDAQ:CDZI) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

CDZI has been the topic of several other reports. Wall Street Zen downgraded shares of Cadiz from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Maxim Group started coverage on shares of Cadiz in a research note on Monday, February 2nd. They set a “buy” rating and a $10.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cadiz in a research note on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $10.00.

Cadiz Price Performance

Shares of CDZI opened at $4.89 on Monday. Cadiz has a fifty-two week low of $2.13 and a fifty-two week high of $6.96. The firm’s 50 day moving average price is $5.12 and its 200 day moving average price is $5.37. The company has a market cap of $407.94 million, a P/E ratio of -10.19 and a beta of 2.08. The company has a quick ratio of 0.96, a current ratio of 1.26 and a debt-to-equity ratio of 3.14.

Cadiz (NASDAQ:CDZI) last announced its earnings results on Tuesday, March 31st. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.67). Cadiz had a negative return on equity of 93.48% and a negative net margin of 206.65%.The business had revenue of $5.08 million for the quarter, compared to analysts’ expectations of $4.80 million. On average, research analysts forecast that Cadiz will post -0.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cadiz

Large investors have recently modified their holdings of the company. Levin Capital Strategies L.P. increased its position in shares of Cadiz by 12.9% in the 3rd quarter. Levin Capital Strategies L.P. now owns 3,661,547 shares of the company’s stock valued at $17,283,000 after purchasing an additional 419,025 shares during the last quarter. Bank of America Corp DE increased its position in shares of Cadiz by 130.0% in the 3rd quarter. Bank of America Corp DE now owns 3,491,080 shares of the company’s stock valued at $16,478,000 after purchasing an additional 1,973,329 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Cadiz by 4.7% in the 3rd quarter. Vanguard Group Inc. now owns 3,035,901 shares of the company’s stock valued at $14,329,000 after purchasing an additional 135,343 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Cadiz by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 1,325,245 shares of the company’s stock valued at $7,437,000 after purchasing an additional 17,117 shares during the last quarter. Finally, State Street Corp increased its position in shares of Cadiz by 2.4% in the 4th quarter. State Street Corp now owns 1,270,020 shares of the company’s stock valued at $7,125,000 after purchasing an additional 30,016 shares during the last quarter. 79.75% of the stock is owned by hedge funds and other institutional investors.

Cadiz Company Profile

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.