Piper Jaffray Downgrades Renewable Energy Group to Hold

By Jason Carr

In a report released today, Brett Wong from Piper Jaffray downgraded Renewable Energy Group (NASDAQ: REGI) to Hold, with a price target of $9. The company’s shares opened today at $9.15.

According to TipRanks.com, Wong is a 1-star analyst with an average return of -2.3% and a 48.3% success rate. Wong covers the Basic Materials sector, focusing on stocks such as American Vanguard Corp., Arcadia Biosciences, and Green Plains Inc.

Renewable Energy Group has an analyst consensus of Moderate Buy.

The company has a one year high of $10.43 and a one year low of $6.02. Currently, Renewable Energy Group has an average volume of 400.3K.

Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of REGI in relation to earlier this year.

Renewable Energy Group, Inc. operates as a biodiesel producer, which engages in the production and distribution of biodiesel and related products. It also produces biodiesel from virgin vegetable oils. Renewable Energy Group focuses on converting natural fats, oils and greases into advanced biofuels and feedstocks into renewable chemicals. The company operates its business through two segments: Biomass-based diesel and Services. The Biomass-based diesel segment operates biodiesel production facilities and sells glycerin, free fatty acids and other co-products of the biodiesel production process. The Services segment offers biodiesel facility management & operational services and construction management services. The company’s business roots back to 1996 when biodiesel plant built in Ralston. Renewable Energy Group was founded in August 2006 and is headquartered in Ames, IA.