American Superconductor (NASDAQ:AMSC) Shares Gap Down – Here’s Why

American Superconductor Co. (NASDAQ:AMSC) shares gapped down prior to trading on Friday . The stock had previously closed at $34.24, but opened at $31.47. American Superconductor shares last traded at $34.93, with a volume of 921,496 shares changing hands.

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 report on Friday.

American Superconductor Trading Up 0.6 %

The company has a market capitalization of $1.36 billion, a PE ratio of -687.24 and a beta of 2.26. The stock’s fifty day moving average is $27.67 and its two-hundred day moving average is $25.51.

American Superconductor (NASDAQ:AMSC) last posted its earnings results on Wednesday, February 5th. The technology company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates 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%. As a group, analysts anticipate that American Superconductor Co. will post 0.37 EPS for the current fiscal year.

Hedge Funds Weigh In On American Superconductor

Several hedge funds and other institutional investors have recently modified their holdings of AMSC. Amundi purchased a new position in American Superconductor in the 4th quarter worth approximately $1,437,000. Dorsey & Whitney Trust CO LLC purchased a new stake in American Superconductor in the 4th quarter worth about $1,116,000. PNC Financial Services Group Inc. boosted its holdings in American Superconductor by 8,670.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,982 shares of the technology company’s stock valued at $73,000 after acquiring an additional 2,948 shares during the period. Raymond James Financial Inc. purchased a new stake in American Superconductor in the 4th quarter valued at about $10,188,000. Finally, Arizona State Retirement System boosted its holdings in shares of American Superconductor by 4.1% in the fourth quarter. Arizona State Retirement System now owns 11,092 shares of the technology company’s stock valued at $273,000 after purchasing an additional 439 shares during the period. 52.28% of the stock is 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.