American Superconductor (NASDAQ:AMSC) Stock Price Down 4.4% – What’s Next?

American Superconductor Co. (NASDAQ:AMSC) shares dropped 4.4% during mid-day trading on Monday . The stock traded as low as $23.25 and last traded at $23.82. Approximately 146,755 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 985,379 shares. The stock had previously closed at $24.92.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Craig Hallum restated a “buy” rating and set a $33.00 target price on shares of American Superconductor in a report on Tuesday, September 10th. Roth Mkm reissued a “buy” rating and set a $29.00 price objective on shares of American Superconductor in a report on Monday, September 30th.

American Superconductor Stock Performance

The firm’s 50-day moving average is $21.89 and its two-hundred day moving average is $20.51. The stock has a market cap of $864.27 million, a P/E ratio of -59.90 and a beta of 2.14.

American Superconductor (NASDAQ:AMSC) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.09. The business had revenue of $40.29 million for the quarter, compared to analyst estimates of $39.55 million. American Superconductor had a positive return on equity of 1.15% and a negative net margin of 5.29%. As a group, research analysts forecast that American Superconductor Co. will post 0.17 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of AMSC. Precision Wealth Strategies LLC acquired a new position in American Superconductor in the third quarter valued at approximately $300,000. Allspring Global Investments Holdings LLC bought a new stake in shares of American Superconductor during the 3rd quarter valued at $10,246,000. CWM LLC acquired a new position in shares of American Superconductor in the 3rd quarter valued at $57,000. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of American Superconductor by 2.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 39,146 shares of the technology company’s stock worth $916,000 after purchasing an additional 828 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its stake in shares of American Superconductor by 453.8% during the second quarter. Point72 Asset Management L.P. now owns 20,490 shares of the technology company’s stock worth $479,000 after purchasing an additional 16,790 shares during the period. Institutional investors own 52.28% of the company’s stock.

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.