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

Canaccord Genuity Group began coverage on shares of ARQ (NASDAQ:ARQ) in a report issued on Tuesday morning, MarketBeat reports. The brokerage issued a buy rating and a $10.00 price target on the stock.

ARQ Stock Performance

ARQ opened at $7.86 on Tuesday. The business’s 50 day moving average is $6.04 and its 200-day moving average is $6.27. The stock has a market cap of $330.36 million, a PE ratio of -757.00 and a beta of 1.40. The company has a current ratio of 2.89, a quick ratio of 2.28 and a debt-to-equity ratio of 0.08. ARQ has a twelve month low of $2.40 and a twelve month high of $8.26.

ARQ (NASDAQ:ARQ) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The business had revenue of $34.77 million for the quarter, compared to the consensus estimate 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 period last year, the firm posted ($0.07) EPS. On average, analysts predict that ARQ will post -0.13 earnings per share for the current year.

Insider Activity

In other news, CEO Robert E. Rasmus bought 25,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were purchased at an average price of $5.25 per share, with a total value of $131,250.00. Following the completion of the acquisition, the chief executive officer now directly 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 26.87% of the company’s stock.

Institutional Investors Weigh In On ARQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARQ. Firsthand Capital Management Inc. bought a new stake in ARQ during the third quarter worth approximately $40,000. Murphy Pohlad Asset Management LLC bought a new stake in ARQ during the third quarter worth approximately $62,000. The Manufacturers Life Insurance Company bought a new stake in ARQ during the second quarter worth approximately $63,000. XTX Topco Ltd acquired a new position in ARQ in the second quarter worth approximately $64,000. Finally, Mraz Amerine & Associates Inc. acquired a new position in ARQ in the third quarter worth approximately $66,000. Institutional investors 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.