Short Interest in Coda Octopus Group, Inc. (NASDAQ:CODA) Increases By 10.1%

Coda Octopus Group, Inc. (NASDAQ:CODA) was the target of a large growth in short interest in November. As of November 30th, there was short interest totalling 109,200 shares, a growth of 10.1% from the November 15th total of 99,200 shares. Based on an average daily volume of 48,200 shares, the short-interest ratio is presently 2.3 days. Approximately 2.0% of the company’s shares are short sold.

Hedge Funds Weigh In On Coda Octopus Group

A hedge fund recently raised its stake in Coda Octopus Group stock. Rice Hall James & Associates LLC lifted its position in shares of Coda Octopus Group, Inc. (NASDAQ:CODA) by 25.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 307,388 shares of the company’s stock after purchasing an additional 62,898 shares during the period. Rice Hall James & Associates LLC owned about 2.75% of Coda Octopus Group worth $2,229,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 20.12% of the company’s stock.

Coda Octopus Group Trading Down 2.7 %

Shares of CODA stock opened at $8.30 on Tuesday. The company has a market cap of $92.88 million, a PE ratio of 30.74 and a beta of 0.55. The company’s fifty day simple moving average is $8.72 and its 200-day simple moving average is $7.50. Coda Octopus Group has a 52 week low of $5.21 and a 52 week high of $9.89.

Coda Octopus Group (NASDAQ:CODA) last issued its quarterly earnings data on Monday, September 16th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Coda Octopus Group had a return on equity of 5.93% and a net margin of 15.93%. The company had revenue of $5.48 million for the quarter.

Analysts Set New Price Targets

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

About Coda Octopus Group

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.