Kodiak AI (NASDAQ:KDK) Shares Down 6.9% – Time to Sell?

Shares of Kodiak AI, Inc. (NASDAQ:KDK) dropped 6.9% on Thursday . The stock traded as low as $5.00 and last traded at $5.0650. Approximately 819,179 shares traded hands during mid-day trading, an increase of 2% from the average session volume of 802,213 shares. The stock had previously closed at $5.44.

Wall Street Analysts Forecast Growth

KDK has been the topic of several recent analyst reports. Northland Securities set a $11.00 target price on shares of Kodiak AI in a report on Monday, May 11th. Citigroup lowered their price target 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. TD Cowen dropped their price target on shares of Kodiak AI from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, March 12th. Wall Street Zen cut shares of Kodiak AI from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Weiss Ratings lowered shares of Kodiak AI from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.50.

Kodiak AI Stock Performance

The business has a 50-day simple moving average of $7.46 and a 200 day simple moving average of $8.32. The firm has a market cap of $942.23 million, a P/E ratio of -5.63 and a beta of 0.26.

Hedge Funds Weigh In On Kodiak AI

A number of hedge funds and other institutional investors have recently made changes to their positions in KDK. Amova Asset Management Americas Inc. purchased a new stake in Kodiak AI in the third quarter worth $4,228,000. ARK Investment Management LLC purchased a new position in Kodiak AI during the 3rd quarter valued at $6,290,000. Sumitomo Mitsui Trust Group Inc. increased its position in Kodiak AI by 27.7% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 789,471 shares of the company’s stock valued at $8,621,000 after purchasing an additional 171,341 shares during the period. UBS Group AG raised its holdings in Kodiak AI by 353.3% in the 4th quarter. UBS Group AG now owns 702,058 shares of the company’s stock worth $7,666,000 after purchasing an additional 547,192 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Kodiak AI in the 4th quarter worth $2,665,000. Institutional investors own 72.95% of the company’s stock.

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.