Innio (NASDAQ:INIO) Stock Price Target Cut by Citigroup

Key Points

• Citigroup cut Innio’s price target from $30 to $22 while maintaining a neutral rating, implying approximately 18% upside from the stock’s $18.61 price.
• Innio shares fell 6.0% on Monday and remain near their 52-week low, trading at a very high trailing P/E ratio of 232.62.
• Despite Citigroup’s downgrade, analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and average price target of $40.20; Innio also exceeded quarterly earnings expectations.

Innio (NASDAQ:INIO - Get Free Report) had its price objective reduced by stock analysts at Citigroup from $30.00 to $22.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Citigroup's target price would indicate a potential upside of 18.22% from the company's current price.

Other research analysts have also recently issued reports about the stock. BNP Paribas Exane initiated coverage on shares of Innio in a research report on Monday, June 29th. They set an "outperform" rating and a $48.00 price target on the stock. Morgan Stanley started coverage on shares of Innio in a research note on Monday, June 29th. They set an "overweight" rating and a $47.00 price target on the stock. Zacks Research upgraded shares of Innio to a "hold" rating in a report on Tuesday, June 30th. Bank of America began coverage on shares of Innio in a research note on Monday, June 29th. They issued a "buy" rating and a $46.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Innio in a research note on Monday, June 29th. They issued a "hold" rating and a $41.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $40.20.

Innio Stock Down 6.0%

Shares of Innio stock traded down $1.18 during trading on Monday, hitting $18.61. 3,463,538 shares of the stock traded hands, compared to its average volume of 4,858,036. The company has a debt-to-equity ratio of 11.90, a quick ratio of 0.79 and a current ratio of 1.25. The company has a market capitalization of $13.96 billion and a PE ratio of 232.62. The business has a fifty day simple moving average of $21.93. Innio has a 52 week low of $17.45 and a 52 week high of $42.95.

Innio (NASDAQ:INIO - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.05 by $0.03. The firm had revenue of $937.70 million for the quarter. On average, analysts forecast that Innio will post 0.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innio

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Dragoneer Investment Group LLC purchased a new stake in Innio during the 2nd quarter valued at about $112,718,000. Value Aligned Research Advisors LLC bought a new position in Innio during the 2nd quarter worth approximately $53,605,000. Junto Capital Management LP purchased a new position in Innio in the 2nd quarter worth approximately $26,193,000. Squarepoint Ops LLC purchased a new position in Innio in the 2nd quarter worth approximately $13,842,000. Finally, HBK Investments L P purchased a new position in Innio in the 2nd quarter worth approximately $6,031,000.

About Innio

INNIO Group Holding GmbH develops and provides energy solutions for power generation and compression applications. Its portfolio includes gas engines, combined heat and power systems, distributed energy systems, and related equipment and services designed for industrial, commercial, utility, and infrastructure customers.

The company operates through its Jenbacher and Waukesha brands. Jenbacher products are used for distributed power generation, cogeneration, renewable-gas applications, and energy-transition projects, while Waukesha products primarily serve natural-gas engine applications, including power generation and mechanical-drive systems for the oil and gas industry.

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