Cadiz (NASDAQ:CDZI) Downgraded to Buy at BidaskClub

Cadiz (NASDAQ:CDZI) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued on Tuesday, BidAskClub reports.

Shares of CDZI opened at $10.60 on Tuesday. Cadiz has a 12 month low of $8.53 and a 12 month high of $13.55. The stock’s fifty day simple moving average is $10.89.

Cadiz (NASDAQ:CDZI) last announced its earnings results on Thursday, May 9th. The company reported ($0.29) EPS for the quarter. The company had revenue of $0.11 million for the quarter.

In related news, major shareholder Water Asset Management Llc sold 800,000 shares of the stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $11.00, for a total transaction of $8,800,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.25% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in CDZI. Equitec Specialists LLC bought a new stake in Cadiz during the second quarter worth $28,000. BNP Paribas Arbitrage SA raised its position in Cadiz by 477.4% during the first quarter. BNP Paribas Arbitrage SA now owns 4,717 shares of the company’s stock worth $46,000 after acquiring an additional 3,900 shares in the last quarter. Metropolitan Life Insurance Co. NY bought a new stake in Cadiz during the fourth quarter worth $84,000. Rhumbline Advisers raised its position in Cadiz by 44.7% during the fourth quarter. Rhumbline Advisers now owns 32,701 shares of the company’s stock worth $337,000 after acquiring an additional 10,095 shares in the last quarter. Finally, MetLife Investment Advisors LLC bought a new stake in Cadiz during the fourth quarter worth $116,000. Institutional investors and hedge funds own 43.99% of the company’s stock.

Cadiz Company Profile

Cadiz Inc operates as a land and water resource development company in the United States. It engages in the water resource, and land and agricultural development activities in San Bernardino County properties. The company owns approximately 35,000 acres of land in the Cadiz and Fenner valleys of eastern San Bernardino County; and approximately 11,000 acres of land in the eastern Mojave Desert portion of San Bernardino County.

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