Shares of American Superconductor Co. (NASDAQ:AMSC) saw strong trading volume on Wednesday following a better than expected earnings announcement. 1,094,026 shares were traded during mid-day trading, an increase of 495% from the previous session’s volume of 183,918 shares.The stock last traded at $9.35 and had previously closed at $7.54.
The technology company reported ($0.13) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.11. The business had revenue of $14.88 million during the quarter, compared to the consensus estimate of $13.90 million. American Superconductor had a negative return on equity of 33.44% and a net margin of 13.55%.
Several research analysts have recently weighed in on the company. Craig Hallum upped their target price on American Superconductor to $15.00 and gave the stock a “buy” rating in a research note on Wednesday. ValuEngine raised American Superconductor from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 1st. Finally, Zacks Investment Research raised American Superconductor from a “sell” rating to a “hold” rating and set a $7.00 target price for the company in a research note on Wednesday, August 8th.
Several hedge funds have recently made changes to their positions in AMSC. Millennium Management LLC raised its stake in shares of American Superconductor by 147.7% during the 1st quarter. Millennium Management LLC now owns 278,039 shares of the technology company’s stock worth $1,618,000 after buying an additional 165,813 shares during the period. GMT Capital Corp acquired a new position in shares of American Superconductor during the 2nd quarter worth approximately $218,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of American Superconductor during the 2nd quarter worth approximately $186,000. Finally, First Trust Advisors LP increased its position in shares of American Superconductor by 18.6% during the third quarter. First Trust Advisors LP now owns 110,716 shares of the technology company’s stock worth $769,000 after purchasing an additional 17,344 shares in the last quarter. 21.71% of the stock is owned by institutional investors and hedge funds.
The stock has a market capitalization of $160.06 million, a P/E ratio of -5.15 and a beta of 1.33.
American Superconductor Company Profile (NASDAQ:AMSC)
American Superconductor Corporation provides megawatt-scale solutions worldwide. The company operates in two segments, Wind and Grid. The Wind segment designs wind turbine systems and licenses these designs to third parties under the Windtec Solutions brand. It supplies power electronics and software-based control systems, and provides customer support services to wind turbine manufacturers.
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