Saipem (OTCMKTS:SAPMF) Sees Unusually-High Trading Volume - Still a Buy?

Key Points

• Saipem shares experienced a significant increase in trading volume, with 14,000 shares changing hands, marking a 486% rise from the previous session.
• The stock has been downgraded by the Royal Bank of Canada from a "moderate buy" to a "hold" rating, with the overall consensus on MarketBeat indicating a "Buy" rating.
• Saipem operates globally in energy and infrastructure, providing services such as subsea field development and offshore structure installations.

Saipem (OTCMKTS:SAPMF - Get Free Report) shares saw strong trading volume on Thursday . 14,000 shares changed hands during mid-day trading, an increase of 486% from the previous session's volume of 2,391 shares.The stock last traded at $2.76 and had previously closed at $2.79.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada cut Saipem from a "moderate buy" rating to a "hold" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy".

Saipem Stock Performance

The firm has a 50 day simple moving average of $2.80 and a 200-day simple moving average of $2.59.

About Saipem

Saipem SpA provides energy and infrastructure solutions worldwide. The company operates through Asset Based Services, Offshore Drilling, and Energy Carriers segments. It offers development of subsea fields and pipelaying; installation and lifting of offshore structures; and engineering, implementation, installation, maintenance, modification, and decommissioning activities.

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