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

Shares of Innergex Renewable Energy Inc. (TSE:INE) were up 54.8% on Wednesday . The company traded as high as C$13.53 and last traded at C$13.48. Approximately 10,662,261 shares changed hands during trading, an increase of 1,052% from the average daily volume of 925,621 shares. The stock had previously closed at C$8.71.

Analysts Set New Price Targets

A number of research firms have recently commented on INE. Scotiabank cut their target price on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Raymond James decreased their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. National Bankshares reduced their price target on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a research report on Tuesday, February 11th. TD Securities increased their target price on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research note on Friday, February 21st. Finally, CIBC reduced their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Price Performance

The firm has a market capitalization of C$2.76 billion, a PE ratio of -21.62, a PEG ratio of 20.61 and a beta of 0.36. 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 50-day simple moving average of C$7.90 and a 200-day simple moving average of C$8.82.

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.