Nitto Denko (OTCMKTS:NDEKY) Shares Gap Down - Time to Sell?

Key Points

• Nitto Denko Corp.'s stock price gapped down significantly from $22.50 to $19.96 before the market opened, closing last at $22.23.
• The company missed its earnings estimate for the previous quarter, reporting earnings per share (EPS) of $0.32 compared to the consensus estimate of $0.86.
• Nitto Denko's revenue for the quarter was $1.66 billion, slightly exceeding the expected $1.64 billion.

Shares of Nitto Denko Corp. (OTCMKTS:NDEKY - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $22.50, but opened at $19.96. Nitto Denko shares last traded at $22.23, with a volume of 2,162 shares trading hands.

Nitto Denko Stock Up 2.6%

The stock has a market cap of $16.50 billion, a price-to-earnings ratio of 19.50 and a beta of 0.85. The company's 50-day simple moving average is $21.04 and its 200-day simple moving average is $19.29.

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