Nitto Denko (OTCMKTS:NDEKY) Trading Down 4.8% - Here's What Happened

Key Points

• Nitto Denko's shares fell 4.8%, trading as low as $24.32 before closing at $24.72, with trading volume dropping to 851 shares compared to an average of 41,239.
• The stock was recently upgraded by Goldman Sachs from a "hold" to a "strong-buy" rating, with an overall average rating of "Strong Buy" from analysts.
• Nitto Denko reported earnings per share of $0.32 in its latest quarterly results, missing estimates of $0.86, but revenue reached $1.66 billion, slightly exceeding expectations.

Shares of Nitto Denko Corp. (OTCMKTS:NDEKY - Get Free Report) traded down 4.8% during mid-day trading on Friday . The stock traded as low as $24.32 and last traded at $24.72. 851 shares changed hands during trading, a decline of 98% from the average session volume of 41,239 shares. The stock had previously closed at $25.96.

Wall Street Analyst Weigh In

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

Nitto Denko Stock Performance

The business's 50-day simple moving average is $23.14 and its two-hundred day simple moving average is $20.02.

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 for the quarter, missing analysts' consensus estimates of $0.86 by ($0.54). The business had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.64 billion. Equities research analysts predict 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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