Oppenheimer analyst Colin Rusch reiterated a Buy rating on Aqua Metals (NASDAQ: AQMS) today and set a price target of $14. The company’s shares closed yesterday at $2.91, close to its 52-week low of $1.42.
Rusch commented:
“While AQMS posted a larger 1Q loss than expected, we believe the company is making numerous prudent moves in optimizing its technology prior to ramping, moving to an asset-light model, and guiding to a reasonable timeline. As we adjust our estimates for the asset-light approach, we estimate a smaller need for outside capital and substantially better earnings power for the business. We believe the strategy of co-locating facilities will accelerate time to market for Aqua Refined lead and associated licensing revenue. We are encouraged to see AQMS shipping full truckloads of qualified material to JCI. We remain bullish on the shares, as we believe technology risk has largely been eliminated and new management is focused on executing in a capital-efficient manner. Out PT remains $14.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 13.1% and a 50.2% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Amer Superconductor, and Canadian Solar Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Aqua Metals with a $12.67 average price target.
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Based on Aqua Metals’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $7.53 million. In comparison, last year the company had a GAAP net loss of $8.37 million.
Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AQMS in relation to earlier this year.
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Aqua Metals, Inc. engages in the production of recycled lead through an electro-chemical process. It operates through its AquaRefining™ technology. The company Stephen R. Clarke, Thomas Murphy, and Selwyn Mould on June 20, 2014 and is headquartered in Alameda, CA.
