American Superconductor (NASDAQ:AMSC) Shares Gap Up After Strong Earnings

Shares of American Superconductor Co. (NASDAQ:AMSC) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $24.19, but opened at $25.50. American Superconductor shares last traded at $24.95, with a volume of 649,197 shares changing hands.

The technology company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.02. The firm had revenue of $66.66 million for the quarter, compared to analysts’ expectations of $60.27 million. American Superconductor had a net margin of 1.64% and a return on equity of 8.95%. American Superconductor’s quarterly revenue was up 58.6% compared to the same quarter last year.

Wall Street Analyst Weigh In

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

Institutional Trading of American Superconductor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System raised its position in American Superconductor by 4.1% in the 4th quarter. Arizona State Retirement System now owns 11,092 shares of the technology company’s stock worth $273,000 after purchasing an additional 439 shares during the period. Atria Wealth Solutions Inc. raised its position in American Superconductor by 4.2% in the 4th quarter. Atria Wealth Solutions Inc. now owns 12,475 shares of the technology company’s stock worth $307,000 after purchasing an additional 500 shares during the period. Rhumbline Advisers grew its stake in American Superconductor by 1.2% in the 4th quarter. Rhumbline Advisers now owns 51,119 shares of the technology company’s stock worth $1,259,000 after acquiring an additional 606 shares in the last quarter. California State Teachers Retirement System grew its stake in American Superconductor by 2.0% in the 4th quarter. California State Teachers Retirement System now owns 35,559 shares of the technology company’s stock worth $876,000 after acquiring an additional 709 shares in the last quarter. Finally, Sei Investments Co. grew its stake in American Superconductor by 1.9% in the 1st quarter. Sei Investments Co. now owns 53,070 shares of the technology company’s stock worth $963,000 after acquiring an additional 964 shares in the last quarter. 52.28% of the stock is owned by hedge funds and other institutional investors.

American Superconductor Stock Performance

The firm has a market capitalization of $994.00 million, a P/E ratio of 359.91 and a beta of 2.81. The stock’s 50 day simple moving average is $20.00 and its 200 day simple moving average is $25.08.

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.