American Superconductor (NASDAQ:AMSC) Trading 7.5% Higher – Still a Buy?

American Superconductor Co. (NASDAQ:AMSC)’s share price traded up 7.5% during trading on Wednesday . The company traded as high as $29.08 and last traded at $29.06. 935,116 shares changed hands during mid-day trading, a decline of 13% from the average session volume of 1,069,937 shares. The stock had previously closed at $27.04.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. 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 research note on Tuesday, September 10th.

American Superconductor Trading Down 2.0 %

The firm has a 50-day moving average of $28.59 and a 200 day moving average of $24.79. The company has a market cap of $1.02 billion, a P/E ratio of -527.69 and a beta of 2.21.

Hedge Funds Weigh In On American Superconductor

A number of institutional investors and hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. lifted its position in shares of American Superconductor by 643.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,057,064 shares of the technology company’s stock valued at $24,725,000 after acquiring an additional 914,872 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of American Superconductor by 524.1% during the second quarter. Bank of New York Mellon Corp now owns 122,239 shares of the technology company’s stock valued at $2,859,000 after purchasing an additional 102,652 shares during the period. Legato Capital Management LLC boosted its position in shares of American Superconductor by 10.2% during the 2nd quarter. Legato Capital Management LLC now owns 98,787 shares of the technology company’s stock worth $2,311,000 after purchasing an additional 9,120 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of American Superconductor in the 2nd quarter valued at about $42,000. Finally, Lisanti Capital Growth LLC bought a new stake in American Superconductor in the 2nd quarter valued at about $1,462,000. 52.28% of the stock is currently owned by institutional investors.

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.