Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) Stock Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Edenor’s shares crossed above their 200-day moving average of $26.95, reaching $27.27 before closing at $26.8250 on trading volume of 129,055 shares.
• Analysts maintain a cautious outlook: three analysts rate the stock “Hold,” with a consensus price target of $36.00.
• Institutional ownership remains limited at 1.64%, although several hedge funds recently increased their positions, including VanEck Associates and Wells Fargo.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN - Get Free Report)'s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $26.95 and traded as high as $27.27. Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) shares last traded at $26.8250, with a volume of 129,055 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on EDN shares. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in a research report on Wednesday, June 24th. Zacks Research raised shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) to a "hold" rating in a research report on Thursday, May 14th. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) has a consensus rating of "Hold" and an average target price of $36.00.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) Stock Down 1.6%

The company has a quick ratio of 1.00, a current ratio of 1.19 and a debt-to-equity ratio of 0.31. The stock has a 50-day simple moving average of $25.99 and a 200-day simple moving average of $26.95. The firm has a market capitalization of $1.21 billion, a PE ratio of 4.97 and a beta of 1.45.

Hedge Funds Weigh In On Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor)

Several large investors have recently modified their holdings of the business. Van ECK Associates Corp grew its stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 54.8% in the 4th quarter. Van ECK Associates Corp now owns 1,037 shares of the utilities provider's stock valued at $31,000 after buying an additional 367 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 55.6% during the 4th quarter. Wells Fargo & Company MN now owns 1,556 shares of the utilities provider's stock valued at $47,000 after acquiring an additional 556 shares during the period. Ping Capital Management Inc. lifted its position in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 4.0% during the fourth quarter. Ping Capital Management Inc. now owns 52,400 shares of the utilities provider's stock worth $1,570,000 after acquiring an additional 2,000 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 28.9% during the second quarter. Tidal Investments LLC now owns 18,496 shares of the utilities provider's stock worth $490,000 after acquiring an additional 4,152 shares in the last quarter. Finally, Jump Financial LLC bought a new position in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in the second quarter worth $320,000. Hedge funds and other institutional investors own 1.64% of the company's stock.

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

Empresa Distribuidora y Comercializadora Norte SA (Edenor) is Argentina's largest electricity distribution company by customer base and network extension. Established in 1992 as part of the country's energy sector privatization, Edenor holds the exclusive concession to distribute and sell electricity in the northern and northwestern areas of Greater Buenos Aires. The company's shares are listed on the New York Stock Exchange under the ticker symbol EDN, reflecting its role as a key participant in Argentina's regulated power market.

Edenor's primary business activity is the purchase of high-voltage electricity from generators and its subsequent transformation, distribution and retail sale to end users.

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