American Superconductor (NASDAQ:AMSC) Shares Gap Up Following Better-Than-Expected Earnings

American Superconductor Co. (NASDAQ:AMSC)’s share price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $25.52, but opened at $28.00. American Superconductor shares last traded at $32.90, with a volume of 1,358,683 shares traded.

The technology company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.07 by $0.02. American Superconductor had a negative net margin of 0.49% and a positive return on equity of 8.29%.

Analyst Upgrades and Downgrades

Separately, Oppenheimer raised their price objective on American Superconductor from $33.00 to $39.00 and gave the company an “outperform” rating in a research report on Friday.

Institutional Trading of American Superconductor

Hedge funds have recently made changes to their positions in the company. CWM LLC acquired a new stake in American Superconductor during the 3rd quarter valued at $57,000. SBI Securities Co. Ltd. purchased a new position in American Superconductor in the 4th quarter valued at about $65,000. Jones Financial Companies Lllp grew its stake in shares of American Superconductor by 1,083.2% during the fourth quarter. Jones Financial Companies Lllp now owns 2,958 shares of the technology company’s stock valued at $73,000 after acquiring an additional 2,708 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of American Superconductor by 8,670.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,982 shares of the technology company’s stock worth $73,000 after acquiring an additional 2,948 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in shares of American Superconductor in the third quarter worth about $88,000. Hedge funds and other institutional investors own 52.28% of the company’s stock.

American Superconductor Price Performance

The business has a fifty day moving average of $27.67 and a 200 day moving average of $25.51. The stock has a market cap of $1.30 billion, a PE ratio of -656.87 and a beta of 2.26.

American Superconductor Company Profile

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.