American Superconductor (NASDAQ:AMSC) Trading Down 6% – Here’s What Happened

American Superconductor Co. (NASDAQ:AMSC)’s stock price dropped 6% on Monday . The stock traded as low as $26.73 and last traded at $26.82. Approximately 844,121 shares were traded during trading, a decline of 15% from the average daily volume of 997,186 shares. The stock had previously closed at $28.54.

Analyst Upgrades and Downgrades

AMSC has been the topic of several research analyst reports. Roth Mkm reissued a “buy” rating and set a $29.00 target price on shares of American Superconductor in a research report on Monday, September 30th. Craig Hallum reaffirmed a “buy” rating and issued a $33.00 price objective on shares of American Superconductor in a report on Tuesday, September 10th.

American Superconductor Stock Performance

The firm’s 50 day moving average is $22.39 and its 200-day moving average is $21.17. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -534.60 and a beta of 2.14.

American Superconductor (NASDAQ:AMSC) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.09. The company had revenue of $40.29 million during the quarter, compared to analysts’ expectations of $39.55 million. American Superconductor had a negative net margin of 0.49% and a positive return on equity of 8.29%. As a group, sell-side analysts forecast that American Superconductor Co. will post 0.18 earnings per share for the current year.

Institutional Investors Weigh In On American Superconductor

Large investors have recently modified their holdings of the business. Acadian Asset Management LLC grew its holdings in shares of American Superconductor by 92.5% during the first quarter. Acadian Asset Management LLC now owns 48,218 shares of the technology company’s stock worth $649,000 after buying an additional 23,174 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of American Superconductor during the third quarter worth about $10,246,000. ClariVest Asset Management LLC acquired a new stake in shares of American Superconductor during the first quarter worth about $1,179,000. Vanguard Group Inc. lifted its position in shares of American Superconductor by 30.5% during the first quarter. Vanguard Group Inc. now owns 1,698,934 shares of the technology company’s stock worth $22,953,000 after purchasing an additional 396,814 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of American Superconductor during the second quarter worth about $2,704,000. Hedge funds and other institutional investors own 52.28% of the company’s stock.

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.