Pacific Ethanol Inc. (NASDAQ:PEIX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage presently has a $8.25 price objective on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 10.00% from the company’s current price.
According to Zacks, “Pacific Ethanol, Inc. is currently in the business of marketing ethanol in the Western United States through Kinergy Marketing, a wholly-owned subsidiary of the Company and the largest West Coast-based marketer of renewable fuels. The Company intends, in the near future, to construct an ethanol production facility at its Madera County, California, site. “
Separately, Roth Capital reaffirmed a “buy” rating and issued a $9.00 price target on shares of Pacific Ethanol in a report on Monday, August 1st. Five research analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and an average target price of $9.31.
Shares of Pacific Ethanol (NASDAQ:PEIX) opened at 7.50 on Thursday. Pacific Ethanol has a 52 week low of $2.41 and a 52 week high of $7.70. The company’s market capitalization is $323.68 million. The company’s 50 day moving average price is $6.93 and its 200-day moving average price is $6.01.
In other Pacific Ethanol news, Director John L. Prince sold 17,745 shares of the business’s stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $6.64, for a total transaction of $117,826.80. Following the completion of the sale, the director now directly owns 28,801 shares in the company, valued at approximately $191,238.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director William L. Jones sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $6.69, for a total value of $100,350.00. Following the sale, the director now owns 53,624 shares of the company’s stock, valued at $358,744.56. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its stake in Pacific Ethanol by 1.7% in the first quarter. Geode Capital Management LLC now owns 162,375 shares of the company’s stock worth $759,000 after buying an additional 2,651 shares during the period. DNB Asset Management AS bought a new stake in Pacific Ethanol during the second quarter worth about $626,000. Bank of New York Mellon Corp raised its stake in Pacific Ethanol by 96.1% in the second quarter. Bank of New York Mellon Corp now owns 267,363 shares of the company’s stock worth $1,458,000 after buying an additional 131,028 shares during the period. EAM Investors LLC bought a new stake in Pacific Ethanol during the second quarter worth about $2,562,000. Finally, Emerald Acquisition Ltd. bought a new stake in Pacific Ethanol during the second quarter worth about $3,654,000. Institutional investors and hedge funds own 73.66% of the company’s stock.
About Pacific Ethanol
Pacific Ethanol, Inc (Pacific Ethanol) is a marketer and producer of low-carbon renewable fuels in the Western United States. Pacific Ethanol markets all the ethanol produced by four ethanol production facilities located in California, Idaho and Oregon, or the Pacific Ethanol Plants, all the ethanol produced by three other ethanol producers in the Western United States and ethanol purchased from other third-party suppliers throughout the United States.