American Superconductor (AMSC) Sees Unusually-High Trading Volume Following Better-Than-Expected Earnings

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American Superconductor Co. (NASDAQ:AMSC) saw an uptick in trading volume on Wednesday following a better than expected earnings announcement. 1,094,026 shares changed hands 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) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.11. American Superconductor had a negative net margin of 42.74% and a negative return on equity of 41.86%. The business had revenue of $14.88 million during the quarter, compared to analysts’ expectations of $13.90 million.

Several brokerages recently commented on AMSC. Craig Hallum increased their target price on shares of American Superconductor to $15.00 and gave the stock a “buy” rating in a report on Wednesday. ValuEngine upgraded shares of American Superconductor from a “buy” rating to a “strong-buy” rating in a report on Thursday, November 1st. Finally, Zacks Investment Research upgraded shares of American Superconductor from a “sell” rating to a “hold” rating and set a $7.00 target price for the company in a report on Wednesday, August 8th.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James Financial Services Advisors Inc. bought a new stake in American Superconductor during the second quarter worth $186,000. GMT Capital Corp bought a new stake in American Superconductor during the second quarter worth $218,000. First Trust Advisors LP raised its position in 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 acquiring an additional 17,344 shares in the last quarter. Finally, Millennium Management LLC raised its position in American Superconductor by 147.7% during the first quarter. Millennium Management LLC now owns 278,039 shares of the technology company’s stock worth $1,618,000 after acquiring an additional 165,813 shares in the last quarter. 21.71% of the stock is currently owned by hedge funds and other institutional investors.

The stock has a market capitalization of $166.64 million, a PE ratio of -5.08 and a beta of 1.33.

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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.

Read More: Compound Annual Growth Rate (CAGR)

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