Renewable Energy Group Inc (NASDAQ:REGI) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $10.00 price objective on the stock. Zacks Investment Research’s target price indicates a potential upside of 2.56% from the stock’s previous close.
According to Zacks, “Renewable Energy Group Inc. is a biodiesel manufacturer and marketer. The Company is focused on converting natural fats, oils and greases into biodiesel. It sells REG-9000 biodiesel to distributors throughout the United States. Renewable Energy Group Inc. is headquartered in Ames, Iowa. “
REGI has been the subject of several other research reports. Piper Jaffray Cos. downgraded shares of Renewable Energy Group from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $12.00 to $9.00 in a report on Thursday, November 3rd. Canaccord Genuity reissued a “hold” rating and set a $10.50 price target on shares of Renewable Energy Group in a report on Wednesday, September 14th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $9.83.
Renewable Energy Group (NASDAQ:REGI) traded down 0.51% during trading on Tuesday, reaching $9.75. The company had a trading volume of 75,428 shares. The firm’s 50 day moving average is $9.05 and its 200-day moving average is $8.94. Renewable Energy Group has a 12 month low of $6.01 and a 12 month high of $10.43. The company’s market capitalization is $375.89 million.
Renewable Energy Group (NASDAQ:REGI) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by $0.06. The firm had revenue of $624.64 million for the quarter, compared to the consensus estimate of $491.80 million. During the same period last year, the business posted ($0.36) earnings per share. The business’s revenue for the quarter was up 58.2% on a year-over-year basis. On average, equities analysts expect that Renewable Energy Group will post $1.17 earnings per share for the current year.
In related news, Director Peter John Martin Harding acquired 5,000 shares of Renewable Energy Group stock in a transaction that occurred on Friday, September 16th. The stock was acquired at an average price of $8.13 per share, with a total value of $40,650.00. Following the completion of the acquisition, the director now directly owns 56,637 shares of the company’s stock, valued at approximately $460,458.81. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
A number of large investors have recently modified their holdings of REGI. Credit Suisse AG increased its stake in shares of Renewable Energy Group by 5.2% in the third quarter. Credit Suisse AG now owns 51,288 shares of the company’s stock worth $435,000 after buying an additional 2,532 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Renewable Energy Group by 25.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 75,200 shares of the company’s stock worth $637,000 after buying an additional 15,200 shares during the last quarter. Panagora Asset Management Inc. increased its stake in shares of Renewable Energy Group by 396.3% in the third quarter. Panagora Asset Management Inc. now owns 134,757 shares of the company’s stock worth $1,141,000 after buying an additional 107,602 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Renewable Energy Group during the third quarter worth $257,000. Finally, Formula Growth Ltd. acquired a new stake in shares of Renewable Energy Group during the third quarter worth $2,662,000.
Renewable Energy Group Company Profile
Renewable Energy Group, Inc is focused on providing cleaner, lower carbon intensity products and services while also providing conventional products and services. The Company is a producer of biomass-based diesel in the United States. Its segments include Biomass-based diesel, Services, Renewable Chemicals and Corporate and other activities.