By Stephen Nakrosis
Aspen Aerogels Inc. shares gained 9.9% to $24.87 a day after the company said it was planning to build a 500,000-square-foot advanced manufacturing plant in the U.S. state of Georgia.
The company said the plant, which will be located near Statesboro, is designed to triple its nameplate aerogel capacity.
Don Young, the company's president and chief executive, said, "Based on customer forecasts and our thermal barrier quoting activity, we are targeting to double our revenue to nearly $240 million by 2023 and to triple revenue from that level by 2025."
After the bell Thursday, the company reported a fourth-quarter loss per share of 50 cents on revenue of $31.4 million. In the year-ago period, the company reported a loss per share of 23 cents on revenue of $23 million.
On Friday, HC Wainwright & Co. said it cut its price target on Aspen Aerogels stock to $45 per share from $65, and Piper Sandler said it cut its target to $68 per share from $72, as reported by Benzinga.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
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Aspen Aerogels Shares Rise Nearly 10%; Co. Plans New Factory - MarketWatch
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