Cadeler A/S (NYSE:CDLR) experienced a notable increase in its stock price before the market opened on Wednesday, October 8, 2023. The shares, which closed at $20.46 the previous day, opened at $21.79 and were last trading at $21.9650 with a trading volume of 123,153 shares. This upward movement raises questions about the stock’s potential and whether it is a good time for investors to consider buying.
Analysts Adjust Price Targets
Several brokerages have recently revised their ratings for Cadeler A/S, reflecting a cautious outlook. Weiss Ratings maintained a “hold (c)” rating in a report released on October 8. Meanwhile, Wall Street Zen downgraded its recommendation from “buy” to “hold” on October 3. On November 18, Pareto Securities also rated Cadeler A/S as a “hold.” According to MarketBeat.com, two research analysts currently have a “hold” rating on the stock, indicating a consensus view that does not suggest aggressive buying or selling at this time.
Institutional Investor Activity
The trading activity surrounding Cadeler A/S has drawn attention from institutional investors. Recent reports indicate that several hedge funds have either increased their holdings or established new positions in the company. For instance, Raymond James Financial Inc. acquired a new stake valued at approximately $34,000 in the second quarter. Rhumbline Advisers boosted its holdings by 45.2% during the first quarter, bringing its total to 2,167 shares valued at about $43,000.
In a significant move, Bank of America Corp DE increased its stake by an astonishing 10,418.8% in the second quarter, now owning 3,366 shares valued at $67,000 after acquiring an additional 3,334 shares. Steinberganna Wealth Management also entered the fray with a new position worth approximately $214,000 in the third quarter, while Cetera Investment Advisers added a stake valued at about $375,000 in the second quarter. Currently, institutional investors and hedge funds own 53.03% of Cadeler A/S’s stock.
About Cadeler A/S
Cadeler A/S, based in Denmark, specializes in the installation of offshore wind turbines and related services. The company operates a fleet of dynamically positioned (DP3) self-propelled jack-up vessels, designed for the transportation, installation, and commissioning of crucial components such as foundation structures, turbine towers, nacelles, and blades.
The company’s flagship vessels, Wind Orca and Wind Osprey, are engineered to operate in water depths of up to 70 meters and are capable of installing next-generation turbines. Cadeler A/S plays a vital role in facilitating the deployment of large-scale wind farms in challenging marine environments, further contributing to the global transition towards renewable energy.
Investors and analysts will be closely monitoring Cadeler A/S as the company continues to navigate the dynamics of the offshore wind industry, with several factors likely to influence its stock performance in the coming months.
