Heerema International acquires 2,070,000 CDZI shares at $3.34, raising stake to 22.78M shares (+10.0%)
Heerema International, a 10% owner of Cadiz Inc, purchased 2,070,000 shares at $3.34 on 2024-11-05 for $6,913,800, expanding its holdings to 22,783,965 shares. The transaction occurred as the stock recovered from a 52-week low of $2.15, with the current price at $3.75 representing a 30-day gain of +24.2% and a 90-day gain of +16.8%. However, the company remains unprofitable with a net loss of $8,872,000 in its most recent full fiscal year, against minimal quarterly revenue of $513,000. The insider's prior CDZI purchase on 2023-07-06 showed negative 90-day performance (-22.8%), and across all open-market trades, this insider has a 0% win rate at the 90-day mark with an average cross-ticker 90-day return of -22.8%, indicating a pattern of acquisitions that have not generated positive long-term returns.