Canaccord Genuity Group Lowers Aspen Aerogels (NYSE:ASPN) Price Target to $10.00

Aspen Aerogels (NYSE:ASPN) had its target price cut by Canaccord Genuity Group from $11.00 to $10.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 32.63% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Oppenheimer lowered shares of Aspen Aerogels from an “outperform” rating to a “market perform” rating in a report on Thursday, May 8th. Barclays reaffirmed an “equal weight” rating and issued a $7.00 target price (down previously from $13.00) on shares of Aspen Aerogels in a research report on Thursday, May 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Aspen Aerogels has an average rating of “Moderate Buy” and an average price target of $18.38.

Aspen Aerogels Price Performance

ASPN opened at $7.54 on Friday. Aspen Aerogels has a one year low of $4.16 and a one year high of $33.15. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.22 and a quick ratio of 3.53. The company’s 50 day simple moving average is $6.72 and its 200-day simple moving average is $7.07. The stock has a market capitalization of $619.11 million, a P/E ratio of -1.98 and a beta of 2.73.

Aspen Aerogels (NYSE:ASPN) last announced its quarterly earnings data on Thursday, August 7th. The construction company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.08. Aspen Aerogels had a negative net margin of 78.53% and a positive return on equity of 2.66%. The business had revenue of $78.02 million for the quarter, compared to analyst estimates of $72.53 million. During the same period in the prior year, the business posted $0.21 earnings per share. Aspen Aerogels’s revenue was down 33.8% compared to the same quarter last year. Sell-side analysts anticipate that Aspen Aerogels will post 0.17 earnings per share for the current fiscal year.

Insider Activity

In other Aspen Aerogels news, CEO Donald R. Young acquired 20,000 shares of the company’s stock in a transaction on Monday, May 12th. The stock was acquired at an average price of $5.35 per share, for a total transaction of $107,000.00. Following the purchase, the chief executive officer directly owned 550,856 shares of the company’s stock, valued at $2,947,079.60. This trade represents a 3.77% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Aspen Aerogels

Several hedge funds and other institutional investors have recently made changes to their positions in ASPN. Vanguard Group Inc. increased its position in Aspen Aerogels by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 4,373,159 shares of the construction company’s stock worth $27,944,000 after purchasing an additional 12,913 shares in the last quarter. Oaktop Capital Management II L.P. boosted its stake in shares of Aspen Aerogels by 5.6% in the 4th quarter. Oaktop Capital Management II L.P. now owns 3,740,525 shares of the construction company’s stock valued at $44,437,000 after purchasing an additional 200,000 shares during the last quarter. Needham Investment Management LLC boosted its stake in Aspen Aerogels by 14.5% during the first quarter. Needham Investment Management LLC now owns 2,737,200 shares of the construction company’s stock worth $17,491,000 after acquiring an additional 347,500 shares in the last quarter. AWM Investment Company Inc. boosted its stake in Aspen Aerogels by 102.6% during the first quarter. AWM Investment Company Inc. now owns 2,449,221 shares of the construction company’s stock worth $15,651,000 after acquiring an additional 1,240,535 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Aspen Aerogels by 25.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,018,631 shares of the construction company’s stock worth $23,983,000 after acquiring an additional 409,862 shares in the last quarter. 97.64% of the stock is currently owned by institutional investors and hedge funds.

About Aspen Aerogels

Aspen Aerogels, Inc designs, develops, manufactures, and sells aerogel insulation products primarily for use in the energy infrastructure and sustainable insulation materials markets in the United States, Asia, Canada, Europe, and Latin America. It operates in two segments, Energy Industrial and Thermal Barrier.