Coda Octopus Group, Inc. (NASDAQ:CODA) Sees Significant Drop in Short Interest

Coda Octopus Group, Inc. (NASDAQ:CODA) was the recipient of a significant decrease in short interest during the month of December. As of December 31st, there was short interest totalling 97,700 shares, a decrease of 8.1% from the December 15th total of 106,300 shares. Based on an average daily volume of 49,000 shares, the short-interest ratio is currently 2.0 days. Currently, 1.8% of the company’s shares are short sold.

Coda Octopus Group Price Performance

Shares of CODA stock traded down $0.33 during mid-day trading on Friday, hitting $8.14. The stock had a trading volume of 36,926 shares, compared to its average volume of 24,399. Coda Octopus Group has a 12-month low of $5.21 and a 12-month high of $9.89. The firm’s 50-day moving average is $8.60 and its two-hundred day moving average is $7.80. The firm has a market capitalization of $91.09 million, a P/E ratio of 30.15 and a beta of 0.57.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Coda Octopus Group

An institutional investor recently raised its position in Coda Octopus Group stock. Rice Hall James & Associates LLC raised its position in shares of Coda Octopus Group, Inc. (NASDAQ:CODA) by 25.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 307,388 shares of the company’s stock after buying an additional 62,898 shares during the quarter. Rice Hall James & Associates LLC owned about 2.75% of Coda Octopus Group worth $2,229,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 20.12% of the company’s stock.

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.