SPX Technologies (NYSE:SPXC) Shares Gap Up – Here’s Why

SPX Technologies, Inc. (NYSE:SPXC)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $136.34, but opened at $152.64. SPX Technologies shares last traded at $153.46, with a volume of 124,137 shares trading hands.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Sidoti raised shares of SPX Technologies from a “neutral” rating to a “buy” rating in a report on Wednesday. Oppenheimer upgraded SPX Technologies from a “market perform” rating to an “outperform” rating and set a $165.00 price objective for the company in a report on Wednesday. Wolfe Research assumed coverage on SPX Technologies in a research report on Monday, November 25th. They set an “outperform” rating and a $199.00 price objective on the stock. Finally, UBS Group dropped their target price on SPX Technologies from $164.00 to $160.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $174.75.

SPX Technologies Price Performance

The firm has a 50-day moving average of $146.96 and a 200 day moving average of $155.53. The company has a market capitalization of $7.06 billion, a PE ratio of 40.92, a PEG ratio of 1.33 and a beta of 1.29. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.85 and a quick ratio of 1.19.

Institutional Trading of SPX Technologies

A number of large investors have recently made changes to their positions in the stock. Allworth Financial LP boosted its holdings in SPX Technologies by 123.3% in the fourth quarter. Allworth Financial LP now owns 163 shares of the company’s stock worth $25,000 after purchasing an additional 90 shares during the last quarter. Empowered Funds LLC purchased a new position in SPX Technologies in the fourth quarter worth about $27,000. Skandinaviska Enskilda Banken AB publ increased its holdings in SPX Technologies by 2,055.6% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 194 shares of the company’s stock valued at $28,000 after buying an additional 185 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of SPX Technologies by 377.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 191 shares of the company’s stock worth $29,000 after purchasing an additional 151 shares in the last quarter. Finally, Spire Wealth Management bought a new stake in SPX Technologies during the fourth quarter valued at about $57,000. 92.82% of the stock is currently owned by institutional investors.

SPX Technologies Company Profile

SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets worldwide. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers, heating, and ventilation products for the residential and commercial markets.