Corebridge Financial Inc. Decreases Holdings in American Superconductor Co. (NASDAQ:AMSC)

Corebridge Financial Inc. cut its stake in American Superconductor Co. (NASDAQ:AMSC) by 7.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,378 shares of the technology company’s stock after selling 1,312 shares during the period. Corebridge Financial Inc.’s holdings in American Superconductor were worth $428,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in AMSC. SBI Securities Co. Ltd. acquired a new position in American Superconductor in the fourth quarter valued at $65,000. Jones Financial Companies Lllp raised its holdings in American Superconductor by 1,083.2% during the fourth quarter. Jones Financial Companies Lllp now owns 2,958 shares of the technology company’s stock worth $73,000 after purchasing an additional 2,708 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in American Superconductor by 8,670.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,982 shares of the technology company’s stock valued at $73,000 after acquiring an additional 2,948 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of American Superconductor during the 4th quarter worth approximately $170,000. Finally, Truist Financial Corp purchased a new stake in American Superconductor during the 4th quarter worth about $251,000. 52.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Oppenheimer lifted their target price on shares of American Superconductor from $33.00 to $39.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th.

American Superconductor Stock Up 17.6 %

AMSC stock opened at $18.81 on Thursday. The company has a market cap of $742.24 million, a price-to-earnings ratio of 268.75 and a beta of 2.58. American Superconductor Co. has a 52 week low of $11.36 and a 52 week high of $38.02. The business has a fifty day simple moving average of $22.65 and a 200-day simple moving average of $25.71.

American Superconductor (NASDAQ:AMSC) last announced its quarterly earnings results on Wednesday, February 5th. The technology company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. American Superconductor had a net margin of 1.64% and a return on equity of 8.95%. As a group, analysts expect that American Superconductor Co. will post 0.41 earnings per share for the current fiscal year.

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.