Canaccord Genuity Group Increases 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 hoisted by analysts at Canaccord Genuity Group from $8.00 to $10.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would suggest a potential upside of 50.35% from the stock's previous close.

A number of other equities analysts have also weighed in on the stock. Fearnley Fonds upgraded shares of ARQ to a "strong-buy" rating in a research report on Friday, June 27th. Craig Hallum assumed coverage on shares of ARQ in a research note on Tuesday, July 15th. They issued a "buy" rating and a $10.00 target price on the stock.

ARQ Stock Performance

ARQ stock traded up $0.03 during midday trading on Thursday, reaching $6.65. 60,633 shares of the company's stock traded hands, compared to its average volume of 246,277. The stock has a market cap of $280.74 million, a P/E ratio of -131.90 and a beta of 1.78. ARQ has a 52-week low of $3.34 and a 52-week high of $8.11. The stock's 50-day moving average is $5.52 and its 200 day moving average is $4.98. The company has a current ratio of 1.12, a quick ratio of 0.62 and a debt-to-equity ratio of 0.04.

Insider Activity

In other news, CEO Robert E. Rasmus bought 25,000 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was purchased at an average cost of $4.10 per share, with a total value of $102,500.00. Following the acquisition, the chief executive officer directly owned 480,782 shares in the company, valued at $1,971,206.20. This trade represents a 5.49% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jeremy Blank bought 50,000 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were purchased at an average cost of $4.10 per share, with a total value of $205,000.00. Following the completion of the acquisition, the director owned 374,955 shares in the company, valued at approximately $1,537,315.50. This represents a 15.39% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 165,456 shares of company stock worth $675,947 and have sold 10,167 shares worth $52,868. Company insiders own 23.89% of the company's stock.

Institutional Investors Weigh In On ARQ

Large investors have recently modified their holdings of the business. Geode Capital Management LLC boosted its position in shares of ARQ by 9.7% during the 2nd quarter. Geode Capital Management LLC now owns 766,025 shares of the company's stock valued at $4,114,000 after acquiring an additional 67,430 shares during the last quarter. Invesco Ltd. increased its stake in ARQ by 3,981.1% in the fourth quarter. Invesco Ltd. now owns 708,324 shares of the company's stock valued at $5,362,000 after purchasing an additional 690,968 shares during the last quarter. Wellington Management Group LLP increased its stake in ARQ by 568.9% in the first quarter. Wellington Management Group LLP now owns 700,600 shares of the company's stock valued at $2,922,000 after purchasing an additional 595,855 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of ARQ by 65.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 449,312 shares of the company's stock valued at $3,401,000 after acquiring an additional 177,550 shares during the period. Finally, York Capital Management Global Advisors LLC lifted its holdings in shares of ARQ by 6.6% during the fourth quarter. York Capital Management Global Advisors LLC now owns 442,959 shares of the company's stock worth $3,353,000 after purchasing an additional 27,324 shares during the period. Hedge funds and other institutional investors own 18.49% of the company's stock.

About ARQ

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.