Aduro Clean Technologies (NASDAQ:ADUR) Shares Up 8.9% - Should You Buy?

Key Points

• Aduro Clean Technologies stock surged by 8.9% on Wednesday, reaching a closing price of $16.95 after trading as high as $17.18.
• Wall Street analysts have a mixed outlook with one firm rating the stock as a "buy" with a target price of $48.00, while another issued a "sell" rating.
• The company has recently seen significant institutional interest, with several hedge funds acquiring new stakes during the second quarter, including NewEdge Advisors LLC, which increased its position by 21,000%.

Aduro Clean Technologies Inc. (NASDAQ:ADUR - Get Free Report)'s stock price shot up 8.9% on Wednesday . The company traded as high as $17.18 and last traded at $16.95. 274,982 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 259,366 shares. The stock had previously closed at $15.56.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ADUR. D. Boral Capital reiterated a "buy" rating and issued a $48.00 price objective on shares of Aduro Clean Technologies in a research note on Tuesday, August 26th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Aduro Clean Technologies in a research note on Wednesday. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, Aduro Clean Technologies has an average rating of "Hold" and a consensus target price of $48.00.

Aduro Clean Technologies Stock Up 8.9%

The company has a market cap of $519.18 million and a price-to-earnings ratio of -52.97. The company's 50-day moving average is $12.31 and its 200 day moving average is $9.25.

Institutional Trading of Aduro Clean Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Simplex Trading LLC acquired a new stake in Aduro Clean Technologies during the second quarter valued at $40,000. Raymond James Financial Inc. acquired a new stake in Aduro Clean Technologies during the second quarter valued at $44,000. Geode Capital Management LLC acquired a new stake in Aduro Clean Technologies during the second quarter valued at $172,000. NewEdge Advisors LLC grew its position in Aduro Clean Technologies by 21,000.0% during the second quarter. NewEdge Advisors LLC now owns 21,100 shares of the company's stock valued at $189,000 after buying an additional 21,000 shares during the period. Finally, Copperleaf Capital LLC acquired a new stake in Aduro Clean Technologies during the second quarter valued at $233,000.

About Aduro Clean Technologies

Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil and transform renewable oils into higher-value fuels or renewable chemicals. Aduro Clean Technologies is based in LONDON, Ontario.

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