Nitto Denko (OTCMKTS:NDEKY) Shares Gap Down - What's Next?

Key Points

• Nitto Denko Corp. (OTCMKTS:NDEKY) shares gapped down, opening at $25.19 after a previous close of $25.97, and last traded at $25.85 with a volume of 15,161 shares.
• The Goldman Sachs Group upgraded Nitto Denko's rating from "hold" to "strong-buy", contributing to a current consensus rating of "Strong Buy" for the stock.
• Nitto Denko reported earnings per share of $0.32 for the last quarter, significantly missing the consensus estimate of $0.86, although revenue for the period was $1.66 billion, slightly above expectations.

Nitto Denko Corp. (OTCMKTS:NDEKY - Get Free Report)'s stock price gapped down prior to trading on Thursday . The stock had previously closed at $25.97, but opened at $25.19. Nitto Denko shares last traded at $25.85, with a volume of 15,161 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group raised shares of 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, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Strong Buy".

Nitto Denko Trading Up 0.2%

The firm has a fifty day simple moving average of $23.03 and a 200-day simple moving average of $19.98.

Nitto Denko (OTCMKTS:NDEKY - Get Free Report) last announced its quarterly 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 business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.64 billion. Equities research analysts expect that Nitto Denko Corp. will post 1.23 earnings per share 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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