Kodiak AI (NASDAQ:KDK) Stock Price Up 8.3% – Here’s What Happened

Kodiak AI, Inc. (NASDAQ:KDK) shares rose 8.3% during trading on Thursday . The company traded as high as $6.33 and last traded at $6.27. Approximately 482,670 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 687,716 shares. The stock had previously closed at $5.79.

Analysts Set New Price Targets

KDK has been the subject of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Kodiak AI in a research note on Friday, March 27th. TD Cowen lowered their target price on Kodiak AI from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Thursday, March 12th. Citigroup reduced their price objective on Kodiak AI from $13.50 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, May 13th. Chardan Capital reduced their price objective on Kodiak AI from $22.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Finally, Northland Securities set a $11.00 price objective on Kodiak AI in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Kodiak AI has an average rating of “Moderate Buy” and a consensus target price of $12.60.

Kodiak AI Stock Performance

The company has a market cap of $1.13 billion, a P/E ratio of -6.74 and a beta of 0.26. The stock has a 50-day moving average of $7.90 and a two-hundred day moving average of $8.35.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its holdings in shares of Kodiak AI by 502.2% in the 1st quarter. Royal Bank of Canada now owns 24,689 shares of the company’s stock worth $171,000 after purchasing an additional 20,589 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Kodiak AI in the 1st quarter worth $125,000. Amova Asset Management Americas Inc. increased its holdings in shares of Kodiak AI by 112.5% in the 1st quarter. Amova Asset Management Americas Inc. now owns 1,677,951 shares of the company’s stock worth $11,628,000 after purchasing an additional 888,480 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Kodiak AI by 143.5% in the 1st quarter. Bank of New York Mellon Corp now owns 25,779 shares of the company’s stock worth $179,000 after purchasing an additional 15,190 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Kodiak AI by 112.5% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,677,951 shares of the company’s stock worth $11,645,000 after purchasing an additional 888,480 shares in the last quarter. 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.