Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) Shares Gap Up - Here's Why

Key Points

• Shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) gapped up from a previous close of $15.18 to open at $16.51, and last traded at $17.16, reflecting a significant increase in investor interest.
• Recent analyst ratings show Edenor's average rating is "Hold" with a price target of $36.00, despite a downgrade from "buy" to "hold" by Wall Street Zen.
• The company reported earnings of $1.85 per share for the last quarter, with a revenue of $543.69 million, demonstrating a sound financial performance amid fluctuating stock prices.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $15.18, but opened at $16.51. Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) shares last traded at $17.16, with a volume of 140,788 shares.

Analysts Set New Price Targets

EDN has been the topic of a number of recent research reports. Wall Street Zen cut Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) from a "buy" rating to a "hold" rating in a report on Saturday, August 16th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $36.00 target price on shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in a report on Wednesday, August 20th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $36.00.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) Stock Up 2.4%

The company has a quick ratio of 0.82, a current ratio of 0.99 and a debt-to-equity ratio of 0.22. The company has a fifty day moving average price of $23.75 and a 200-day moving average price of $28.28. The stock has a market capitalization of $845.26 million, a P/E ratio of 2.98 and a beta of 1.61.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN - Get Free Report) last issued its earnings results on Monday, August 11th. The utilities provider reported $1.85 earnings per share (EPS) for the quarter. Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) had a return on equity of 18.04% and a net margin of 11.55%.The firm had revenue of $543.69 million for the quarter. As a group, research analysts forecast that Empresa Distribuidora Y Comercializadora Norte S.A. will post 1.38 EPS for the current fiscal year.

Institutional Investors Weigh In On Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor)

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 2,523.4% in the first quarter. GAMMA Investing LLC now owns 41,870 shares of the utilities provider's stock worth $1,371,000 after purchasing an additional 40,274 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 9.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 596,866 shares of the utilities provider's stock worth $18,228,000 after acquiring an additional 52,478 shares in the last quarter. Walleye Capital LLC purchased a new position in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in the first quarter worth about $373,000. Cubist Systematic Strategies LLC grew its position in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 141.2% in the first quarter. Cubist Systematic Strategies LLC now owns 39,031 shares of the utilities provider's stock worth $1,192,000 after acquiring an additional 22,848 shares in the last quarter. Finally, BW Gestao de Investimentos Ltda. purchased a new position in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in the first quarter worth about $562,000. 1.64% of the stock is owned by institutional investors.

About Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor)

Empresa Distribuidora y Comercializadora Norte Sociedad Anónima is involved in the distribution and sale of electricity in Argentina. The company was incorporated in 1992 and is based in Buenos Aires, Argentina. Empresa Distribuidora y Comercializadora Norte Sociedad Anónima operates as a subsidiary of Empresa de Energía del Cono Sur SA.