Aspen Aerogels (NYSE:ASPN) Releases Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Aspen Aerogels (NYSE:ASPN) released its quarterly earnings results on Wednesday. The construction company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.05 by $0.16, Briefing.com reports. The firm had revenue of $117.80 million for the quarter, compared to analyst estimates of $101.99 million. Aspen Aerogels had a negative return on equity of 6.35% and a negative net margin of 10.73%. Aspen Aerogels’s revenue for the quarter was up 144.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.22) EPS. Aspen Aerogels updated its FY24 guidance to more than $0.09 EPS.

Aspen Aerogels Stock Performance

ASPN traded up $0.39 during trading hours on Friday, hitting $21.85. 2,671,764 shares of the stock were exchanged, compared to its average volume of 1,218,529. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of -49.66 and a beta of 2.15. The stock has a 50-day simple moving average of $25.23 and a 200-day simple moving average of $20.54. The company has a debt-to-equity ratio of 0.24, a current ratio of 4.01 and a quick ratio of 3.29. Aspen Aerogels has a 12 month low of $5.32 and a 12 month high of $31.74.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ASPN. Craig Hallum upped their target price on shares of Aspen Aerogels from $33.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, June 14th. TD Cowen raised their target price on Aspen Aerogels from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, June 5th. Benchmark reiterated a “buy” rating and issued a $14.00 price target on shares of Aspen Aerogels in a research note on Thursday. Roth Mkm reissued a “buy” rating and issued a $36.00 price target (up previously from $28.00) on shares of Aspen Aerogels in a report on Wednesday, June 12th. Finally, Piper Sandler lifted their price objective on Aspen Aerogels from $30.00 to $36.00 and gave the stock an “overweight” rating in a report on Wednesday, May 29th. One analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $29.20.

Insider Buying and Selling at Aspen Aerogels

In other Aspen Aerogels news, CEO Donald R. Young sold 256,944 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $29.24, for a total value of $7,513,042.56. Following the transaction, the chief executive officer now owns 502,855 shares of the company’s stock, valued at $14,703,480.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Aspen Aerogels news, major shareholder Wood River Capital, Llc sold 3,500,000 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $23.50, for a total transaction of $82,250,000.00. Following the completion of the transaction, the insider now owns 12,280,426 shares in the company, valued at approximately $288,590,011. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Donald R. Young sold 256,944 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $29.24, for a total value of $7,513,042.56. Following the completion of the transaction, the chief executive officer now directly owns 502,855 shares of the company’s stock, valued at approximately $14,703,480.20. The disclosure for this sale can be found here. Insiders sold a total of 3,776,944 shares of company stock worth $90,299,843 over the last 90 days. Insiders own 4.30% of the company’s stock.

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.