Innergex Renewable Energy (TSE:INE) Shares Up 54.8% – Here’s What Happened

Innergex Renewable Energy Inc. (TSE:INE)’s share price rose 54.8% on Tuesday . The company traded as high as C$13.53 and last traded at C$13.48. Approximately 10,662,261 shares were traded during trading, an increase of 1,069% from the average daily volume of 912,268 shares. The stock had previously closed at C$8.71.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. CIBC cut their price target on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. National Bankshares reduced their target price on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a report on Tuesday, February 11th. Raymond James lowered their price target on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Cormark reduced their price objective on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research note on Thursday, January 30th. Finally, Scotiabank lowered their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

The stock’s fifty day simple moving average is C$7.80 and its 200-day simple moving average is C$8.79. The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58. The firm has a market cap of C$2.76 billion, a PE ratio of -21.62, a PEG ratio of 20.61 and a beta of 0.36.

About Innergex Renewable Energy

For over 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity, which led to Innergex being recognized as Canada’s best corporate citizens in 2023 by Corporate Knights. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world.