Canaccord Genuity Group Begins Coverage on ARQ (NASDAQ:ARQ)

Research analysts at Canaccord Genuity Group assumed coverage on shares of ARQ (NASDAQ:ARQ) in a report released on Tuesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $10.00 price target on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 32.98% from the company’s current price.

ARQ Price Performance

Shares of NASDAQ ARQ opened at $7.52 on Tuesday. The stock has a market capitalization of $316.07 million, a price-to-earnings ratio of -792.00 and a beta of 1.40. The business has a 50-day moving average of $5.97 and a 200-day moving average of $6.25. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.89 and a quick ratio of 2.28. ARQ has a fifty-two week low of $2.40 and a fifty-two week high of $8.26.

ARQ (NASDAQ:ARQ) last issued its earnings results on Thursday, November 7th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). The firm had revenue of $34.77 million during the quarter, compared to analyst estimates of $30.60 million. ARQ had a negative net margin of 0.44% and a negative return on equity of 0.25%. During the same quarter last year, the business posted ($0.07) earnings per share. As a group, sell-side analysts predict that ARQ will post -0.13 earnings per share for the current fiscal year.

Insider Activity at ARQ

In other ARQ news, CEO Robert E. Rasmus purchased 25,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were bought at an average price of $5.25 per share, for a total transaction of $131,250.00. Following the completion of the acquisition, the chief executive officer now owns 450,792 shares in the company, valued at approximately $2,366,658. This trade represents a 5.87 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 26.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ARQ

Institutional investors have recently made changes to their positions in the stock. AIGH Capital Management LLC bought a new stake in shares of ARQ during the second quarter worth about $13,002,000. Perritt Capital Management Inc bought a new stake in ARQ in the 2nd quarter worth about $367,000. Dimensional Fund Advisors LP bought a new stake in ARQ in the 2nd quarter worth about $1,524,000. Renaissance Technologies LLC bought a new stake in ARQ in the 2nd quarter worth about $81,000. Finally, XTX Topco Ltd bought a new stake in ARQ in the 2nd quarter worth about $64,000. Institutional investors and hedge funds own 18.49% of the company’s stock.

About ARQ

Arq, Inc produces activated carbon products in North America. The company's products include granular activated carbon, powdered and granular activated carbon, and colloidal carbon products; Arq Powder Wetcake, a fine and low-ash coal waste-derived particle; and additives for air emissions control.