Zacks Research Upgrades Cadiz (NASDAQ:CDZI) to “Hold”

Cadiz (NASDAQ:CDZI) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Thursday, 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 issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $10.00.

Cadiz Stock Performance

CDZI stock traded down $0.16 during trading hours on Thursday, reaching $3.16. The stock had a trading volume of 737,529 shares, compared to its average volume of 1,240,242. The stock has a market capitalization of $268.66 million, a PE ratio of -6.32 and a beta of 1.82. The company has a debt-to-equity ratio of 24.97, a current ratio of 1.16 and a quick ratio of 0.96. The stock has a 50-day simple moving average of $3.79 and a 200 day simple moving average of $4.24. Cadiz has a fifty-two week low of $2.87 and a fifty-two week high of $6.96.

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

Institutional Investors Weigh In On Cadiz

A number of large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new position in shares of Cadiz in the second quarter valued at $794,000. Bank of America Corp DE raised its position in shares of Cadiz by 0.3% in the first quarter. Bank of America Corp DE now owns 3,528,294 shares of the company’s stock valued at $17,324,000 after purchasing an additional 9,473 shares during the period. Royal Bank of Canada raised its position in shares of Cadiz by 797.4% in the first quarter. Royal Bank of Canada now owns 21,600 shares of the company’s stock valued at $106,000 after purchasing an additional 19,193 shares during the period. Inceptionr LLC bought a new position in shares of Cadiz in the first quarter valued at about $94,000. Finally, Levin Capital Strategies L.P. lifted its stake in shares of Cadiz by 4.1% during the 1st quarter. Levin Capital Strategies L.P. now owns 3,816,169 shares of the company’s stock worth $18,737,000 after buying an additional 149,846 shares during the last quarter. Institutional investors own 79.75% of the company’s stock.

Cadiz Company Profile

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.