Nitto Denko (OTCMKTS:NDEKY) Shares Gap Down - Here's What Happened

Key Points

• Nitto Denko's shares gapped down on Wednesday, opening at $22.34 compared to the previous close of $23.78, and last traded at $23.07 with a trading volume of 944 shares.
• The company reported earnings per share of $0.32 for the last quarter, significantly missing analysts' estimates of $0.86 by ($0.54), despite revenue of $1.66 billion being above expectations.
• Nitto Denko, with a market capitalization of $16.29 billion, operates primarily in the adhesive tapes sector, offering a variety of products across multiple regions including Japan, the Americas, and Europe.

Nitto Denko Corp. (OTCMKTS:NDEKY - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $23.78, but opened at $22.34. Nitto Denko shares last traded at $23.07, with a volume of 944 shares trading hands.

Nitto Denko Price Performance

The company has a 50 day moving average of $22.12 and a 200-day moving average of $19.62. The company has a market capitalization of $16.29 billion, a P/E ratio of 20.36 and a beta of 0.85.

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

Nitto Denko Company Profile

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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