Short Interest in American Superconductor Co. (NASDAQ:AMSC) Decreases By 10.3%

American Superconductor Co. (NASDAQ:AMSC) was the recipient of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 2,610,000 shares, a drop of 10.3% from the September 30th total of 2,910,000 shares. Based on an average trading volume of 1,000,000 shares, the days-to-cover ratio is presently 2.6 days.

Hedge Funds Weigh In On American Superconductor

A number of institutional investors have recently bought and sold shares of AMSC. Amalgamated Bank purchased a new stake in American Superconductor in the 2nd quarter worth approximately $28,000. nVerses Capital LLC bought a new position in shares of American Superconductor in the second quarter worth approximately $42,000. CWM LLC purchased a new stake in shares of American Superconductor in the third quarter worth $57,000. Canada Pension Plan Investment Board bought a new stake in shares of American Superconductor during the 2nd quarter valued at $96,000. Finally, Virtu Financial LLC purchased a new position in shares of American Superconductor during the 1st quarter valued at $152,000. 52.28% of the stock is owned by institutional investors.

American Superconductor Stock Up 4.4 %

NASDAQ AMSC opened at $24.52 on Friday. The company has a 50-day moving average price of $22.24 and a 200-day moving average price of $20.92. American Superconductor has a 52 week low of $6.08 and a 52 week high of $32.70. The firm has a market capitalization of $970.82 million, a P/E ratio of -490.40 and a beta of 2.14.

American Superconductor (NASDAQ:AMSC) last announced its earnings results on Tuesday, August 6th. The technology company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.09. American Superconductor had a negative net margin of 5.29% and a positive return on equity of 1.15%. The business had revenue of $40.29 million during the quarter, compared to analysts’ expectations of $39.55 million. As a group, equities research analysts anticipate that American Superconductor will post 0.17 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on AMSC shares. Roth Mkm reissued a “buy” rating and set a $29.00 price objective on shares of American Superconductor in a report on Monday, September 30th. Craig Hallum reiterated a “buy” rating and set a $33.00 target price on shares of American Superconductor in a research note on Tuesday, September 10th.

About American Superconductor

American Superconductor Corporation, together with its subsidiaries, provides megawatt-scale power resiliency solutions worldwide. The company operates through Grid and Wind segments. The Grid segment offers products and services that enable electric utilities, industrial facilities, and renewable energy project developers to connect, transmit, and distribute power under the Gridtec Solutions brand.