ARQ (NASDAQ:ARQ) Coverage Initiated at Canaccord Genuity Group

Stock analysts at Canaccord Genuity Group initiated coverage on shares of ARQ (NASDAQ:ARQ) in a report issued on Tuesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $10.00 price target on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 31.06% from the company’s previous close.

ARQ Price Performance

Shares of NASDAQ:ARQ opened at $7.63 on Tuesday. The firm has a 50 day simple moving average of $5.89 and a 200 day simple moving average of $6.25. The company has a market cap of $320.70 million, a price-to-earnings ratio of -763.00 and a beta of 1.40. ARQ has a one year low of $2.31 and a one year high of $8.26. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.89 and a quick ratio of 2.28.

ARQ (NASDAQ:ARQ) last issued its earnings results on Thursday, November 7th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The firm had revenue of $34.77 million during the quarter, compared to analyst estimates of $30.60 million. ARQ had a negative return on equity of 0.25% and a negative net margin of 0.44%. During the same period in the previous year, the company earned ($0.07) EPS. Research analysts predict that ARQ will post -0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Robert E. Rasmus purchased 25,000 shares of ARQ stock in a transaction on Monday, September 23rd. The shares were purchased at an average price of $5.25 per share, for a total transaction of $131,250.00. Following the transaction, the chief executive officer now owns 450,792 shares of the company’s stock, valued at approximately $2,366,658. This represents a 5.87 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 26.87% of the company’s stock.

Hedge Funds Weigh In On ARQ

A number of hedge funds and other institutional investors have recently made changes to their positions in ARQ. AIGH Capital Management LLC bought a new position in ARQ during the 2nd quarter worth approximately $13,002,000. Geode Capital Management LLC increased its position in shares of ARQ by 0.8% during the third quarter. Geode Capital Management LLC now owns 596,468 shares of the company’s stock worth $3,502,000 after buying an additional 4,545 shares during the period. State Street Corp raised its stake in ARQ by 19.6% during the third quarter. State Street Corp now owns 394,751 shares of the company’s stock worth $2,317,000 after buying an additional 64,595 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in ARQ in the second quarter valued at $1,524,000. Finally, Maven Securities LTD acquired a new stake in ARQ during the 2nd quarter worth about $607,000. 18.49% of the stock is owned by institutional investors and hedge funds.

ARQ Company Profile

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.