American Superconductor (NASDAQ:AMSC) Shares Up 7.5% – Here’s Why

American Superconductor Co. (NASDAQ:AMSC) was up 7.5% on Wednesday . The stock traded as high as $29.08 and last traded at $29.06. Approximately 935,116 shares traded hands during trading, a decline of 13% from the average daily volume of 1,069,937 shares. The stock had previously closed at $27.04.

Analysts Set New Price Targets

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

American Superconductor Stock Down 2.0 %

The business’s 50 day simple moving average is $28.59 and its two-hundred day simple moving average is $24.79. The stock has a market cap of $1.02 billion, a P/E ratio of -527.69 and a beta of 2.21.

Hedge Funds Weigh In On American Superconductor

Several large investors have recently bought and sold shares of the company. Amalgamated Bank acquired a new position in shares of American Superconductor in the second quarter valued at approximately $28,000. nVerses Capital LLC acquired a new position in American Superconductor in the 2nd quarter valued at approximately $42,000. CWM LLC bought a new position in shares of American Superconductor during the third quarter valued at $57,000. Quest Partners LLC acquired a new position in shares of American Superconductor during the third quarter worth $88,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of American Superconductor in the second quarter worth $96,000. 52.28% of the stock is currently owned by institutional investors.

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.