American Superconductor (NASDAQ:AMSC) Shares Gap Up Following Earnings Beat

American Superconductor Co. (NASDAQ:AMSC)’s share price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $25.52, but opened at $28.00. American Superconductor shares last traded at $32.90, with a volume of 1,358,683 shares traded.

The technology company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. American Superconductor had a positive return on equity of 8.29% and a negative net margin of 0.49%.

Wall Street Analyst Weigh In

Separately, Oppenheimer lifted their price objective on shares of American Superconductor from $29.00 to $33.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th.

Hedge Funds Weigh In On American Superconductor

Hedge funds and other institutional investors have recently modified their holdings of the company. CWM LLC acquired a new stake in shares of American Superconductor during the 3rd quarter valued at $57,000. SBI Securities Co. Ltd. purchased a new stake in shares of American Superconductor during the 4th quarter worth about $65,000. Jones Financial Companies Lllp lifted its holdings in shares of American Superconductor by 1,083.2% during the 4th quarter. Jones Financial Companies Lllp now owns 2,958 shares of the technology company’s stock valued at $73,000 after buying an additional 2,708 shares during the last quarter. Quest Partners LLC acquired a new position in American Superconductor in the third quarter worth approximately $88,000. Finally, Truist Financial Corp acquired a new position in American Superconductor in the fourth quarter worth approximately $251,000. Institutional investors and hedge funds own 52.28% of the company’s stock.

American Superconductor Stock Up 34.2 %

The stock has a market cap of $1.35 billion, a P/E ratio of -684.66 and a beta of 2.26. The firm’s 50-day moving average is $27.64 and its two-hundred day moving average is $25.45.

About American Superconductor

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.