In a report released today, Mike Crawford from B.Riley FBR maintained a Buy rating on Cadiz Inc (CDZI – Research Report), with a price target of $17.50. The company’s shares closed last Monday at $11.88.
“After a lengthy publishing hiatus, we update investors on Buy-rated Cadiz, Inc. (CDZI; $17.50 PT) following two significant developments: 1) passage of gut-and-amend SB307 specifically targeting Cadiz Project connection to the and, 2) inception of commercial hemp production at the company’s isolated San Bernardino County property. Despite clearing a strenuous Act (CEQA) review in 2012, and numerous legal challenges along the way, Phase I of the Project (Project) now requires another level of review before CDZI can connect its groundwater resources to public conveyance infrastructure, i.e. for wheeling via the CRA to Project customers like lead agency Santa Margarita Water District.”
According to TipRanks.com, Crawford is a 4-star analyst with an average return of 4.8% and a 51.4% success rate. Crawford covers the Consumer Goods sector, focusing on stocks such as TTM Technologies, Finjan Holdings, and Kratos Defense.
The word on The Street in general, suggests a Hold analyst consensus rating for Cadiz Inc.
The company has a one-year high of $13.15 and a one-year low of $8.53. Currently, Cadiz Inc has an average volume of 195K.
Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CDZI in relation to earlier this year.
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Cadiz, Inc. is a land and water resource development company, which engages in the acquisition and development of land with water resources for various uses such as groundwater supply, groundwater storage, and agriculture. The firm’s project includes the Cadiz Valley Water Conservation, Recovery and Storage.