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Investing.com - Benchmark raised its price target on Aqua Metals (NASDAQ:AQMS) to $12.00 from $7.00 on Thursday, while maintaining a Speculative Buy rating on the stock. The company, currently trading at $9.70, has shown significant price volatility according to InvestingPro data.
The price target increase follows Aqua Metals’ closure of a $13 million registered direct offering at $11.34 on October 20 through a private placement that included five-year unregistered warrants with a strike price at $11.34.
According to Benchmark, the proceeds are intended for working capital, site-specific design, funding pre-front-end-loading engineering, and building credibility with partners as Aqua Metals pursues a partner-led commercialization strategy.
The company’s near-term operations remain focused on lithium carbonate and mixed hydroxide precipitate (MHP), while plans for nickel and cobalt metal production have been deferred to reduce early capital expenditures and improve near-term unit economics.
Benchmark cited improved liquidity and simplified execution visibility as key factors behind the price target increase, while noting that policy support remains a potential lever, though grants and incentives should be considered upside rather than part of the base case.
In other recent news, Aqua Metals reported a net loss of $6.8 million, or $7.44 per share, during its Q2 2025 earnings call. The company also announced operational changes, including a sale of assets and workforce reductions aimed at conserving cash. Aqua Metals has successfully raised $13 million through a registered direct offering, issuing shares and prefunded warrants to a leading institutional investor. Additionally, the company has regained compliance with Nasdaq’s minimum bid price requirement following a reverse stock split, meeting the necessary criteria to maintain its listing. Benchmark has raised its price target for Aqua Metals from $3 to $7, maintaining a Speculative Buy rating. The price target adjustment comes after Aqua Metals’ second-quarter results and updates on its commercialization progress. These developments reflect significant strategic shifts for Aqua Metals as it navigates the current market landscape.
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