Nitto Denko (OTCMKTS:NDEKY) Sets New 52-Week High - Here's Why

Key Points

• Nitto Denko's share price hit a new 52-week high at $26.48, closing at $25.57 with a trading volume of 297 shares.
• The Goldman Sachs Group upgraded Nitto Denko from a "hold" rating to a "strong-buy" rating, contributing to its positive market performance.
• Despite reporting earnings per share of $0.32, Nitto Denko missed estimates of $0.86 but exceeded revenue expectations with $1.66 billion.

Nitto Denko Corp. (OTCMKTS:NDEKY - Get Free Report)'s share price reached a new 52-week high during trading on Friday . The company traded as high as $26.48 and last traded at $25.57, with a volume of 297 shares. The stock had previously closed at $25.37.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group raised Nitto Denko from a "hold" rating to a "strong-buy" rating in a research note on Thursday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, According to MarketBeat, Nitto Denko has an average rating of "Strong Buy".

Nitto Denko Trading Up 1.1%

The company has a 50-day moving average of $23.66 and a 200-day moving average of $20.47.

Nitto Denko (OTCMKTS:NDEKY - Get Free Report) last announced its earnings results on Monday, July 28th. The technology company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.54). The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.64 billion. As a group, research analysts forecast that Nitto Denko Corp. will post 1.23 EPS for the current year.

About Nitto Denko

Nitto Denko Corporation primarily engages in the adhesive tapes business in Japan, the Americas, Europe, Asia, and Oceania. It provides double sided tapes, surface protective films, sealing materials, masking tapes, membranes, FPD/touch panel related products, gasket materials, semiconductor manufacturing process products, flexible printed circuit boards, porous films/breathable materials, and packaging tapes.

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