American Superconductor (NASDAQ:AMSC) Stock Price Up 6.8% – Still a Buy?

American Superconductor Co. (NASDAQ:AMSC) shares shot up 6.8% during mid-day trading on Wednesday . The company traded as high as $35.50 and last traded at $35.06. 465,572 shares traded hands during trading, a decline of 56% from the average session volume of 1,051,058 shares. The stock had previously closed at $32.84.

Analysts Set New Price Targets

A number of brokerages have issued reports on AMSC. Roth Mkm restated 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 reissued a “buy” rating and set a $33.00 target price on shares of American Superconductor in a research report on Tuesday, September 10th.

American Superconductor Trading Down 7.9 %

The stock has a market cap of $1.27 billion, a P/E ratio of -642.40 and a beta of 2.21. The stock’s 50-day moving average is $27.97 and its 200-day moving average is $24.33.

Hedge Funds Weigh In On American Superconductor

Large investors have recently made changes to their positions in the business. Hood River Capital Management LLC increased its holdings in American Superconductor by 7.2% in 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 during the last quarter. Vanguard Group Inc. lifted its holdings 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 valued at $22,953,000 after acquiring an additional 396,814 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of American Superconductor by 643.4% during the second 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. State Street Corp lifted its holdings in shares of American Superconductor by 18.3% during the third quarter. State Street Corp now owns 906,250 shares of the technology company’s stock valued at $21,388,000 after acquiring an additional 140,106 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of American Superconductor by 4.5% in the third quarter. Geode Capital Management LLC now owns 847,412 shares of the technology company’s stock valued at $20,003,000 after buying an additional 36,511 shares in the last quarter. Institutional investors and hedge funds own 52.28% of the company’s stock.

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.