Rangeley Capital LLC Has $246,000 Stock Position in Cadiz, Inc. $CDZI

by · The Markets Daily

Rangeley Capital LLC cut its stake in Cadiz, Inc. (NASDAQ:CDZI – Free Report) by 79.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,000 shares of the company’s stock after selling 199,000 shares during the period. Rangeley Capital LLC owned 0.06% of Cadiz worth $246,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Quarry LP acquired a new position in shares of Cadiz in the 3rd quarter worth approximately $40,000. ProShare Advisors LLC acquired a new stake in shares of Cadiz during the fourth quarter worth $56,000. LPL Financial LLC acquired a new stake in shares of Cadiz during the fourth quarter worth $56,000. Virtu Financial LLC bought a new position in Cadiz during the fourth quarter worth $57,000. Finally, BNP Paribas Financial Markets raised its stake in Cadiz by 115.8% during the third quarter. BNP Paribas Financial Markets now owns 11,062 shares of the company’s stock worth $52,000 after buying an additional 5,935 shares during the last quarter. Institutional investors and hedge funds own 79.75% of the company’s stock.

Cadiz Stock Performance

Shares of CDZI stock opened at $3.16 on Monday. The company has a market cap of $265.72 million, a price-to-earnings ratio of -6.87 and a beta of 1.83. Cadiz, Inc. has a 52 week low of $2.89 and a 52 week high of $6.96. The company has a quick ratio of 1.76, a current ratio of 1.88 and a debt-to-equity ratio of 7.32. The firm has a 50 day moving average of $4.03 and a 200-day moving average of $4.81.

Cadiz (NASDAQ:CDZI – Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The company had revenue of $1.63 million during the quarter, compared to the consensus estimate of $4.48 million. Cadiz had a negative net margin of 221.43% and a negative return on equity of 129.97%. On average, equities analysts forecast that Cadiz, Inc. will post -0.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Weiss Ratings cut shares of Cadiz from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 4th. Zacks Research raised Cadiz from a “strong sell” rating to a “hold” rating in a research report on Monday, June 1st. Finally, Wall Street Zen downgraded Cadiz from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 11th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $10.00.

Read Our Latest Analysis on CDZI

Insiders Place Their Bets

In related news, Director David Mark O’hara purchased 110,865 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was purchased at an average cost of $4.58 per share, with a total value of $507,761.70. Following the completion of the purchase, the director owned 117,841 shares in the company, valued at approximately $539,711.78. This trade represents a 1,589.23% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.31% of the company’s stock.

About Cadiz

(Free Report)

Cadiz, Inc (NASDAQ: CDZI) is a Southern California–based water resource management company focused on developing and operating groundwater storage, recovery and conveyance projects. The company holds water rights and mineral rights on approximately 34,000 acres in the Mojave Desert and is chiefly known for advancing the Cadiz Water Project, a planned system to capture, store and distribute groundwater to urban and agricultural users in the region.

The company’s primary business activity centers on the development of infrastructure that enables sustainable groundwater banking.

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