American Superconductor (NASDAQ:AMSC) Shares Down 3.7% – Here’s What Happened

American Superconductor Co. (NASDAQ:AMSC)’s share price traded down 3.7% during trading on Friday . The company traded as low as $25.22 and last traded at $25.51. 119,347 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 1,076,163 shares. The stock had previously closed at $26.48.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Roth Mkm reiterated a “buy” rating and issued a $29.00 price target on shares of American Superconductor in a report on Monday, September 30th. Craig Hallum reiterated a “buy” rating and issued a $33.00 target price on shares of American Superconductor in a report on Tuesday, September 10th.

American Superconductor Stock Performance

The company has a market cap of $988.69 million, a price-to-earnings ratio of -501.10 and a beta of 2.21. The stock’s fifty day moving average is $28.90 and its two-hundred day moving average is $25.26.

Institutional Trading of American Superconductor

Institutional investors and hedge funds have recently modified their holdings of the stock. Hood River Capital Management LLC grew its holdings in American Superconductor by 7.2% during the second quarter. Hood River Capital Management LLC now owns 1,735,014 shares of the technology company’s stock worth $40,582,000 after buying an additional 116,207 shares in the last quarter. State Street Corp boosted its holdings in American Superconductor by 18.3% during the 3rd quarter. State Street Corp now owns 906,250 shares of the technology company’s stock worth $21,388,000 after acquiring an additional 140,106 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of American Superconductor by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 847,412 shares of the technology company’s stock worth $20,003,000 after acquiring an additional 36,511 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of American Superconductor in the third quarter valued at about $10,246,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of American Superconductor by 211.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 304,528 shares of the technology company’s stock valued at $7,187,000 after purchasing an additional 206,655 shares in the last quarter. 52.28% of the stock is owned by hedge funds and other institutional investors.

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.