American Superconductor (NASDAQ:AMSC) Trading Down 3.7% - Here's Why

Shares of American Superconductor Co. (NASDAQ:AMSC - Get Free Report) dropped 3.7% during mid-day trading on Friday . The stock traded as low as $25.22 and last traded at $25.51. Approximately 119,347 shares traded hands during trading, a decline of 89% from the average daily volume of 1,076,163 shares. The stock had previously closed at $26.48.

Analysts Set New Price Targets

A number of research firms have commented on AMSC. Roth Mkm restated a "buy" rating and issued a $29.00 target price on shares of American Superconductor in a research report on Monday, September 30th. Craig Hallum reaffirmed a "buy" rating and issued a $33.00 target price on shares of American Superconductor in a research report on Tuesday, September 10th.

American Superconductor Stock Down 5.4 %

The business has a 50-day simple moving average of $28.90 and a 200-day simple moving average of $25.24. The company has a market cap of $988.69 million, a PE ratio of -501.10 and a beta of 2.21.

Hedge Funds Weigh In On American Superconductor

Several hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in American Superconductor by 524.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 122,239 shares of the technology company's stock worth $2,859,000 after buying an additional 102,652 shares during the period. nVerses Capital LLC purchased a new stake in shares of American Superconductor during the second quarter worth $42,000. Lisanti Capital Growth LLC acquired a new stake in shares of American Superconductor in the second quarter valued at $1,462,000. Hussman Strategic Advisors Inc. boosted its holdings in American Superconductor by 20.0% in the second quarter. Hussman Strategic Advisors Inc. now owns 126,000 shares of the technology company's stock valued at $2,947,000 after purchasing an additional 21,000 shares during the period. Finally, Rhumbline Advisers grew its stake in American Superconductor by 3,234.0% during the 2nd quarter. Rhumbline Advisers now owns 46,276 shares of the technology company's stock worth $1,082,000 after purchasing an additional 44,888 shares in the last quarter. Institutional investors and hedge funds own 52.28% of the company's stock.

About American Superconductor

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.