Asahi Kasei (OTCMKTS:AHKSY) Share Price Crosses Above 50 Day Moving Average - Here's Why

Key Points

• Asahi Kasei Corp.'s share price rose above its 50-day moving average of $13.81, reaching a peak of $14.99 before closing at $14.56 with a trading volume of 8,789 shares.
• CLSA has downgraded Asahi Kasei's stock rating from "moderate buy" to "hold" as of June 5th.
• The company reported $0.45 earnings per share for the last quarter, surpassing analysts' expectations of $0.27, though revenue fell short of estimates at $4.96 billion.

Asahi Kasei Corp. (OTCMKTS:AHKSY - Get Free Report)'s share price crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $13.81 and traded as high as $14.99. Asahi Kasei shares last traded at $14.56, with a volume of 8,789 shares changing hands.

Wall Street Analyst Weigh In

Separately, CLSA downgraded shares of Asahi Kasei from a "moderate buy" rating to a "hold" rating in a report on Thursday, June 5th.

Asahi Kasei Stock Performance

The firm's 50-day moving average price is $13.81 and its 200 day moving average price is $13.72. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.09 and a current ratio of 1.83. The company has a market cap of $10.15 billion, a price-to-earnings ratio of 12.55 and a beta of 0.51.

Asahi Kasei (OTCMKTS:AHKSY - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.18. The firm had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $5.15 billion. Asahi Kasei had a net margin of 3.95% and a return on equity of 7.48%.

Asahi Kasei Company Profile

Asahi Kasei Corporation manufactures and sells chemicals. It offers caustic soda, chemical fertilizers, nitric acid, ammonia, acrylonitrile, methyl methacrylate, styrene, adipic acid, hexamethylene diamine, AH salt, propionitrile, sodium cyanide, acetonitrile, methacrylonitrile, cyclohexyl methacrylate, polyethylenes, polyethylenes powder, PMMA resin, polystyrene, polybutadiene rubbers, styrene/butadiene rubbers, clear styrenic copolymer, styrenic thermoplastic elastomer, hydrogenated styrenic elastomers, membranes and systems, functional materials, foams, purging compound, polyisocyanates, polycarbonatediol, aluminum paste, latex, photopolymers and platemaking systems, films, cyclohexanol, cyclohexane, and cyclohexene.

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