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

Canaccord Genuity Group assumed coverage on shares of ARQ (NASDAQ:ARQ) in a research note released on Tuesday, Marketbeat.com reports. The firm issued a buy rating and a $10.00 price objective on the stock.

ARQ Price Performance

Shares of ARQ stock opened at $7.57 on Tuesday. The firm has a market cap of $318.17 million, a P/E ratio of -757.00 and a beta of 1.40. ARQ has a fifty-two week low of $2.40 and a fifty-two week high of $8.26. The business’s 50 day moving average price is $6.00 and its 200-day moving average price is $6.26. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.28 and a current ratio of 2.89.

ARQ (NASDAQ:ARQ) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate 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 quarter in the prior year, the business posted ($0.07) earnings per share. On average, equities research analysts anticipate that ARQ will post -0.13 earnings per share for the current year.

Insider Transactions at ARQ

In other news, CEO Robert E. Rasmus purchased 25,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were bought at an average cost of $5.25 per share, for a total transaction of $131,250.00. Following the completion of the transaction, the chief executive officer now directly owns 450,792 shares of the company’s stock, valued at $2,366,658. This trade represents a 5.87 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 26.87% of the company’s stock.

Institutional Investors Weigh In On ARQ

Several hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC boosted 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 valued at $3,502,000 after purchasing an additional 4,545 shares in the last quarter. Firsthand Capital Management Inc. bought a new stake in shares of ARQ during the third quarter valued at approximately $40,000. The Manufacturers Life Insurance Company bought a new stake in shares of ARQ during the second quarter valued at approximately $63,000. Murphy Pohlad Asset Management LLC purchased a new position in ARQ during the third quarter valued at $62,000. Finally, XTX Topco Ltd purchased a new position in ARQ during the second quarter valued at $64,000. 18.49% of the stock is currently owned by institutional investors.

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.