American Superconductor (NASDAQ:AMSC) Shares Gap Up on Better-Than-Expected Earnings

American Superconductor Co. (NASDAQ:AMSC - Get Free Report)'s share price 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.

The technology company reported $0.12 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.02. American Superconductor had a return on equity of 8.95% and a net margin of 1.64%. The business had revenue of $66.66 million for the quarter, compared to analysts' expectations of $60.27 million. The company's revenue for the quarter was up 58.6% on a year-over-year basis.

Analyst Upgrades and Downgrades

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 report on Friday, February 7th.

Institutional Trading of American Superconductor

Several institutional investors have recently added to or reduced their stakes in AMSC. Goldman Sachs Group Inc. boosted its position in shares of American Superconductor by 54.6% in the first quarter. Goldman Sachs Group Inc. now owns 481,961 shares of the technology company's stock valued at $8,743,000 after acquiring an additional 170,243 shares during the period. Jones Financial Companies Lllp raised its stake in American Superconductor by 3,280.5% in the 1st quarter. Jones Financial Companies Lllp now owns 99,994 shares of the technology company's stock worth $1,814,000 after purchasing an additional 97,036 shares in the last quarter. Millennium Management LLC boosted its holdings in American Superconductor by 878.5% in the 1st quarter. Millennium Management LLC now owns 225,682 shares of the technology company's stock valued at $4,094,000 after purchasing an additional 202,617 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of American Superconductor by 13.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,295 shares of the technology company's stock worth $459,000 after purchasing an additional 2,989 shares in the last quarter. Finally, AWM Investment Company Inc. grew its position in shares of American Superconductor by 3.0% during the 1st quarter. AWM Investment Company Inc. now owns 1,558,478 shares of the technology company's stock worth $28,271,000 after purchasing an additional 45,000 shares in the last quarter. 52.28% of the stock is currently owned by institutional investors.

American Superconductor Stock Up 5.6%

The company's fifty day moving average price is $20.23 and its 200 day moving average price is $24.94. The company has a market capitalization of $1.05 billion, a P/E ratio of 381.63 and a beta of 2.81.

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.