Today, Renewable Energy Group Inc (REGI) Upgraded to “Buy” at The Zacks Investment Research

Today, Renewable Energy Group Inc (REGI) Upgraded to “Buy” at The Zacks Investment Research

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.

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