Oppenheimer analyst Colin Rusch reiterated a Buy rating on Aqua Metals (AQMS) today and set a price target of $14. The company’s shares closed yesterday at $2.41.
Rusch noted:
“AQMS continues to make progress toward commercializing its AquaRefining process as it brought its ingot casting line up and began selling higher value AquaRefined lead. Importantly programs for recycling electrolyte are on track to impact 1H:19 margin. We believe this two phase process improvement will help AQMS meet target GM levels and ramp profitably. We believe the electrolyte recycling process is well understood and the key bottleneck is receiving and ramping key pieces of off-the-shelf equipment. Operational cash burn was ahead of our model as cash balance was $4M above our expectation. 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 10.8% and a 50.8% 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 $9.33 average price target.
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The company has a one-year high of $4.28 and a one-year low of $1.42. Currently, Aqua Metals has an average volume of 313.8K.
Based on the recent corporate insider activity of 30 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.
