American Superconductor (NASDAQ:AMSC) Shares Gap Down - Here's What Happened

American Superconductor Co. (NASDAQ:AMSC - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $34.24, but opened at $31.47. American Superconductor shares last traded at $34.93, with a volume of 921,496 shares.

Analyst Ratings Changes

Separately, Oppenheimer upped their price objective on shares of American Superconductor from $33.00 to $39.00 and gave the company an "outperform" rating in a report on Friday.

American Superconductor Stock Down 2.2 %

The firm has a market cap of $1.26 billion, a price-to-earnings ratio of 453.99 and a beta of 2.26. The company's 50-day moving average price is $27.61 and its 200-day moving average price is $25.57.

American Superconductor (NASDAQ:AMSC - Get Free Report) last issued its earnings results on Wednesday, February 5th. The technology company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.02. American Superconductor had a net margin of 1.64% and a return on equity of 8.95%. On average, sell-side analysts predict that American Superconductor Co. will post 0.37 earnings per share for the current fiscal year.

Institutional Trading of American Superconductor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMSC. CWM LLC purchased a new position in shares of American Superconductor during the third quarter worth approximately $57,000. SBI Securities Co. Ltd. purchased a new position in shares of American Superconductor during the fourth quarter worth approximately $65,000. Jones Financial Companies Lllp grew its position in American Superconductor by 1,083.2% in the 4th quarter. Jones Financial Companies Lllp now owns 2,958 shares of the technology company's stock valued at $73,000 after buying an additional 2,708 shares during the last quarter. PNC Financial Services Group Inc. grew its position in American Superconductor by 8,670.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,982 shares of the technology company's stock valued at $73,000 after buying an additional 2,948 shares during the last quarter. Finally, Quest Partners LLC purchased a new position in American Superconductor in the 3rd quarter valued at $88,000. Institutional investors and hedge funds own 52.28% of the company's stock.

American Superconductor Company Profile

American Superconductor Corporation, together with its subsidiaries, provides megawatt-scale power resiliency solutions worldwide. The company operates through Grid and Wind segments. The Grid segment offers products and services that enable electric utilities, industrial facilities, and renewable energy project developers to connect, transmit, and distribute power under the Gridtec Solutions brand.