ARK Investment Management LLC recently announced the acquisition of new stake in Codexis Inc. (NASDAQ:CDXS). The institutional investor has increased its shareholding in the Healthcare company by 8.97% to 4.3 million shares with purchase of 0.35 million shares. This fresh investment now brings its stake to 6.51% valued currently at $16.84 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.13 million to 3.49 million shares. And SSgA Funds Management, Inc. has lifted its position by 25.42% or 0.33 million shares – to 1.64 million shares.
With over 1.35 million Codexis Inc. (CDXS) shares trading Monday and a closing price of $2.74 on the day, the dollar volume was approximately $3.7 million. The shares have shown a negative half year performance of -47.21% and its price on 05/22/23 gained nearly 5.79%. Currently, there are 65.93M common shares owned by the public and among those 64.01M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for CDXS have a consensus price objective of $10.88. The analysts have set the share’s price value over the next 12 months at a high of $21.00 and a low of $6.00. The average price target is 75.4% above its recent price level and an upside to the estimated low will see the stock gain 54.33% over that period. But an upside of 86.95% will see the stock hit the forecast high price target while median target price for the stock is $9.00.
Insiders at the company have transacted a total of 56 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 1,318,572 shares. Insider sales of the common stock occurred on 26 occasions, with total insider shares sold totaling 766,993 shares.
The top 3 mutual fund holders in Codexis Inc. are ARK Genomic Revolution ETF, Baillie Gifford Overseas Growth F, and Vanguard Total Stock Market ETF. ARK Genomic Revolution ETF owns 4.11 million shares of the company’s stock, all valued at over $16.11 million. Vanguard Total Stock Market ETF now owns shares totaling to 2.76% of the shares outstanding.
However, the script later moved the day high at 2.7902, up 5.79%. The company’s stock has a 5-day price change of -0.72% and -49.63% over the past three months. CDXS shares are trading -41.20% year to date (YTD), with the 12-month market performance down to -73.83% lower. It has a 12-month low price of $2.55 and touched a high of $13.03 over the same period. CDXS has an average intraday trading volume of 698.33K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -19.23%, -27.88%, and -50.15% respectively.
Institutional ownership of Codexis Inc. (NASDAQ: CDXS) shares accounts for 95.90% of the company’s 65.93M shares outstanding. Mutual fund holders own 46.31%, while other institutional holders and individual stakeholders account for 46.45% and 30.93% respectively.
It has a market capitalization of $188.62M and a beta (3y monthly) value of 1.66. The earnings-per-share (ttm) stands at -$0.73. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.80% over the week and 9.71% over the month.
Analysts forecast that Codexis Inc. (CDXS) will achieve an EPS of -$0.23 for the current quarter, -$0.27 for the next quarter and -$0.95 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.3 while analysts give the company a high EPS estimate of -$0.11. Comparatively, EPS for the current quarter was -$0.04 a year ago. Earnings per share for the fiscal year are expected to decrease by -56.00%, and 8.70% over the next financial year. EPS should shrink at an annualized rate of 15.00% over the next five years, compared to 16.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Codexis Inc. (CDXS) as a “Strong Buy” at a consensus score of 1.70. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 1 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
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