B.Riley FBR analyst Jeff Van Sinderen reiterated a Buy rating on Aquaventure Holdings LLC (WAAS) today and set a price target of $29. The company’s shares closed yesterday at $18.18.
Van Sinderen observed:
“AMC on 7/10, WAAS announced that the company had priced a public offering of 4.1M common shares at $16.88/share (S-3 filled on 3/11/19). B. Riley FBR participated as a co-manager. Gross proceeds before deducting underwriting discounts, commissions, and other expenses are ~ $79.6M, including proceeds from a fully exercised 30-day option granted to underwriters for 615K additional common shares. Intended uses of the proceeds are working capital and other general corporate purposes, including acquisitions. We believe that a significant portion of the proceeds will be used for acquisitions that will, in turn, accelerate growth, along with operating leverage.”
According to TipRanks.com, Sinderen ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -3.6% and a 43.8% success rate. Sinderen covers the Consumer Goods sector, focusing on stocks such as Universal Electronics, Celsius Holdings Inc, and Chromadex Corp.
Currently, the analyst consensus on Aquaventure Holdings LLC is a Strong Buy with an average price target of $28, a 54.0% upside from current levels. In a report released yesterday, Canaccord Genuity also reiterated a Buy rating on the stock with a $28 price target.
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Based on Aquaventure Holdings LLC’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $5.66 million. In comparison, last year the company had a GAAP net loss of $4.92 million.
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AquaVenture Holdings Ltd. engages in the provision of water purification services. It operates through Seven Seas Water and Quench segments. The Seven Seas Water segment delivers treated bulk water to governmental, municipal, industrial, and hospitality customers.
