Coda Octopus Group (NASDAQ:CODA) Shares Cross Below 50 Day Moving Average – Here’s Why

Coda Octopus Group, Inc. (NASDAQ:CODA)’s share price crossed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $7.99 and traded as low as $6.72. Coda Octopus Group shares last traded at $6.85, with a volume of 12,314 shares changing hands.

Analyst Ratings Changes

Separately, Alliance Global Partners lifted their price target on Coda Octopus Group from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, November 11th.

Coda Octopus Group Price Performance

The company has a market cap of $76.85 million, a PE ratio of 20.76 and a beta of 0.60. The company has a 50-day moving average of $7.96 and a 200 day moving average of $8.06.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Essex Investment Management Co. LLC purchased a new position in Coda Octopus Group in the fourth quarter worth about $114,000. Wealthquest Corp bought a new stake in Coda Octopus Group in the third quarter worth about $108,000. Renaissance Technologies LLC lifted its stake in Coda Octopus Group by 137.2% in the fourth quarter. Renaissance Technologies LLC now owns 23,751 shares of the company’s stock worth $186,000 after purchasing an additional 13,737 shares during the last quarter. Northern Trust Corp lifted its stake in Coda Octopus Group by 52.9% in the fourth quarter. Northern Trust Corp now owns 38,833 shares of the company’s stock worth $304,000 after purchasing an additional 13,442 shares during the last quarter. Finally, Citadel Advisors LLC lifted its stake in Coda Octopus Group by 90.1% in the fourth quarter. Citadel Advisors LLC now owns 50,804 shares of the company’s stock worth $398,000 after purchasing an additional 24,084 shares during the last quarter. Hedge funds and other institutional investors own 20.12% of the company’s stock.

Coda Octopus Group Company Profile

Coda Octopus Group, Inc, together with its subsidiaries, develops, sells, and rentals underwater technologies and equipment for real time 3D imaging, mapping, defense, and survey applications in the Americas, Europe, Australia, Asia, the Middle East, and Africa. The company operates through two segments, Marine Engineering Business and Marine Technology Business.