Cadiz (CDZI) Downgraded by BidaskClub to Hold

BidaskClub cut shares of Cadiz (NASDAQ:CDZI) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

Separately, B. Riley set a $18.00 price target on Cadiz and gave the stock a buy rating in a research note on Monday, October 16th.

Shares of Cadiz (CDZI) opened at $13.50 on Tuesday. Cadiz has a fifty-two week low of $9.65 and a fifty-two week high of $16.25. The company has a debt-to-equity ratio of -1.76, a current ratio of 1.84 and a quick ratio of 1.84.

In other Cadiz news, CFO Timothy J. Shaheen sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $12.30, for a total value of $615,000.00. Following the completion of the transaction, the chief financial officer now directly owns 148,500 shares in the company, valued at approximately $1,826,550. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.56% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN boosted its position in shares of Cadiz by 30.7% during the 2nd quarter. Wells Fargo & Company MN now owns 66,402 shares of the company’s stock valued at $897,000 after acquiring an additional 15,600 shares during the last quarter. Schwab Charles Investment Management Inc. bought a new stake in Cadiz in the second quarter worth $568,000. Rhumbline Advisers bought a new stake in Cadiz in the second quarter worth $316,000. Vanguard Group Inc. lifted its position in Cadiz by 9.0% in the second quarter. Vanguard Group Inc. now owns 922,533 shares of the company’s stock worth $12,454,000 after buying an additional 76,090 shares during the last quarter. Finally, California Public Employees Retirement System lifted its position in Cadiz by 75.9% in the second quarter. California Public Employees Retirement System now owns 49,608 shares of the company’s stock worth $670,000 after buying an additional 21,400 shares during the last quarter. Hedge funds and other institutional investors own 49.09% of the company’s stock.

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About Cadiz

Cadiz Inc is a land and water resource development company. As of December 31, 2016, the Company had 45,000 acres of land in three areas of eastern San Bernardino County, California. The Company’s primary business is to acquire and develop land with water resources for various uses, including groundwater supply, groundwater storage and agriculture.

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