Canaccord Genuity Group Raises ARQ (NASDAQ:ARQ) Price Target to $10.00

Key Points

• Canaccord Genuity Group has raised its price target for ARQ (NASDAQ:ARQ) from $8.00 to $10.00, indicating a potential upside of 61.55% from the stock's previous close.
• Despite the positive upgrade, ARQ shares are currently trading down 7.5%, reaching $6.19 during midday trading.
• Insiders, including CEO Robert E. Rasmus, have recently increased their holdings in the company, with Rasmus acquiring 25,000 shares at $4.10 each.

ARQ (NASDAQ:ARQ - Get Free Report) had its target price boosted by Canaccord Genuity Group from $8.00 to $10.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 61.55% from the stock's previous close.

Several other brokerages also recently weighed in on ARQ. Fearnley Fonds raised shares of ARQ to a "strong-buy" rating in a research note on Friday, June 27th. Craig Hallum began coverage on shares of ARQ in a research note on Tuesday, July 15th. They issued a "buy" rating and a $10.00 price target for the company.

ARQ Trading Down 7.5%

ARQ stock traded down $0.50 during midday trading on Thursday, reaching $6.19. 439,142 shares of the stock traded hands, compared to its average volume of 247,589. The firm has a market cap of $261.29 million, a PE ratio of -123.80 and a beta of 1.78. The company has a current ratio of 1.12, a quick ratio of 0.62 and a debt-to-equity ratio of 0.04. The company has a 50-day simple moving average of $5.43 and a two-hundred day simple moving average of $5.00. ARQ has a 12-month low of $3.34 and a 12-month high of $8.11.

Insider Activity

In related news, CEO Robert E. Rasmus acquired 25,000 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was acquired at an average price of $4.10 per share, for a total transaction of $102,500.00. Following the purchase, the chief executive officer owned 480,782 shares of the company's stock, valued at $1,971,206.20. This represents a 5.49% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeremy Blank acquired 50,000 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was bought at an average price of $4.10 per share, with a total value of $205,000.00. Following the purchase, the director directly owned 374,955 shares in the company, valued at approximately $1,537,315.50. This trade represents a 15.39% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 165,856 shares of company stock worth $677,555 and sold 10,167 shares worth $52,868. Company insiders own 23.89% of the company's stock.

Institutional Investors Weigh In On ARQ

Institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC acquired a new position in ARQ during the second quarter worth approximately $25,000. Walleye Capital LLC acquired a new position in ARQ during the first quarter worth approximately $44,000. Avanza Fonder AB increased its position in ARQ by 84.6% during the first quarter. Avanza Fonder AB now owns 16,615 shares of the company's stock worth $70,000 after buying an additional 7,615 shares during the period. Price T Rowe Associates Inc. MD acquired a new position in shares of ARQ in the fourth quarter valued at approximately $79,000. Finally, Maven Securities LTD acquired a new position in shares of ARQ in the fourth quarter valued at approximately $114,000. Hedge funds and other institutional investors own 18.49% of the company's stock.

ARQ Company Profile

Arq, Inc is a holding company. It engages in the provision of environmental and emission control equipment to the power generation industry. The company operates through the following Segments: Refined Coal and Advanced Purification Technologies. The Refined Coal segment includes the Tinuum Group, Tinuum Services, and GWN Manager.

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