Gevo, Inc. (NASDAQ:GEVO) Receives Buy Rating from HC Wainwright
Gevo, Inc. (NASDAQ:GEVO)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research note issued on Wednesday. They presently have a $12.00 price target on the energy company’s stock.
The analysts wrote, “We are pleased to see that progress is being made on adapting Gevo’s technology for non-corn feedstocks. We believe that the success of this development effort demonstrates the versatility and adaptability of Gevo’s isobutanol technology for varied feedstocks. Under the second phase of the development agreement, Praj is expected to adapt Gevo’s technology to use lignocellulosic feedstock. In our opinion, the use of non-corn feedstock offers a significant mid- to long-term opportunity to Gevo. Praj has a significant worldwide presence and can leverage Gevo’s technology that can be implemented as a bolt-on to existing ethanol plants or as a greenfield plant. Isobutanol produced using this technology can be used as a gasoline blendstock, as a specialty chemical solvent, or it can be utilized in the production of alcohol-to-jet fuel (ATJ) and isooctane. As a reminder to investors, Gevo’s ATJ technology has already been successfully demonstrated by its use in flights by Alaska Airlines (ALK; not rated), the U.S. Air Force, the U.S. Army, and the U.S. Navy. We believe that in addition to the initially targeted regions of India, South America, and South-East Asia, Praj and Gevo should also be able to make inroads into geographies like California, where low-carbon fuels are valued. Since the beginning of the year, Gevo has: 1) successfully addressed its debt maturity issues; and 2) entered into an offtake agreement to supply renewable isooctane to HCS Holding GmbH (HCS). The company is already in further discussions with HCS to establish agreements for other products like ATJ and isobutanol.””
Shares of Gevo (NASDAQ GEVO) traded down 7.286% on Wednesday, hitting $0.649. The company’s stock had a trading volume of 1,039,292 shares. The firm’s market cap is $9.77 million. Gevo has a 52 week low of $0.53 and a 52 week high of $16.16. The stock’s 50-day moving average price is $0.63 and its 200-day moving average price is $1.34.
Gevo (NASDAQ:GEVO) last announced its quarterly earnings data on Tuesday, May 9th. The energy company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.57) by $0.11. Gevo had a negative return on equity of 38.26% and a negative net margin of 149.25%. The business had revenue of $5.62 million for the quarter, compared to the consensus estimate of $5.87 million. Equities analysts expect that Gevo will post ($3.00) earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in GEVO. KBC Group NV increased its stake in shares of Gevo by 40.8% in the third quarter. KBC Group NV now owns 240,843 shares of the energy company’s stock valued at $116,000 after buying an additional 69,743 shares in the last quarter. State Treasurer State of Michigan increased its stake in shares of Gevo by 8.9% in the second quarter. State Treasurer State of Michigan now owns 836,448 shares of the energy company’s stock valued at $494,000 after buying an additional 68,301 shares in the last quarter. Finally, Sabby Management LLC acquired a new stake in shares of Gevo during the first quarter valued at $1,274,000. Institutional investors and hedge funds own 15.86% of the company’s stock.
Gevo, Inc (Gevo) is a renewable chemicals and next generation biofuels company. The Company has developed a technology that uses a combination of synthetic biology, metabolic engineering, chemistry and chemical engineering to focus primarily on the production of isobutanol, as well as related products from renewable feedstock.
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