Taylor Devices (NASDAQ:TAYD) Share Price Passes Above 200 Day Moving Average - Here's Why

Key Points

• Taylor Devices shares surpassed their 200-day moving average of $39.76, trading as high as $48.71, which indicates positive market momentum.
• Wall Street analysts upgraded Taylor Devices from a "hold" to a "strong-buy" rating, reflecting increasing confidence in the company’s performance.
• The company reported an earnings per share (EPS) of $1.17 for its last quarter, significantly beating analyst expectations of $0.67, alongside a revenue of $15.56 million.

Taylor Devices, Inc. (NASDAQ:TAYD - Get Free Report)'s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $39.76 and traded as high as $48.71. Taylor Devices shares last traded at $48.71, with a volume of 6,473 shares changing hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Taylor Devices from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 16th.

Taylor Devices Stock Up 2.4%

The firm has a market capitalization of $153.44 million, a P/E ratio of 16.24 and a beta of 0.97. The firm has a 50 day moving average of $46.51 and a 200-day moving average of $39.76.

Taylor Devices (NASDAQ:TAYD - Get Free Report) last issued its quarterly earnings results on Friday, August 15th. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.50. Taylor Devices had a return on equity of 16.40% and a net margin of 20.33%.The business had revenue of $15.56 million during the quarter, compared to analysts' expectations of $13.73 million.

Institutional Trading of Taylor Devices

A number of institutional investors and hedge funds have recently bought and sold shares of TAYD. Ameriprise Financial Inc. acquired a new stake in Taylor Devices during the 2nd quarter worth about $4,361,000. RBF Capital LLC acquired a new stake in Taylor Devices during the 2nd quarter worth about $1,085,000. Martin & Co. Inc. TN acquired a new stake in Taylor Devices during the 2nd quarter worth about $817,000. De Lisle Partners LLP grew its holdings in Taylor Devices by 60.6% during the 1st quarter. De Lisle Partners LLP now owns 42,276 shares of the industrial products company's stock worth $1,374,000 after acquiring an additional 15,950 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Taylor Devices during the 2nd quarter worth about $304,000. 17.62% of the stock is currently owned by institutional investors and hedge funds.

About Taylor Devices

Taylor Devices, Inc engages in design, development, manufacture, and marketing of shock absorption, rate control, and energy storage devices for use in machinery, equipment, and structures in the United States, Asia, and internationally. Its products include seismic dampers that are designed to mitigate the effects of earthquakes on structures; Fluidicshoks, which are compact shock absorbers primarily used in defense, aerospace, and commercial industries; and crane and industrial buffers, which are larger versions of the Fluidicshoks for industrial application on cranes and crane trolleys, truck docks, ladle and ingot cars, ore trolleys, and train car stops.

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