American Superconductor (NASDAQ:AMSC) Stock Price Down 6% - Here's Why

American Superconductor Co. (NASDAQ:AMSC - Get Free Report) fell 6% during mid-day trading on Monday . The stock traded as low as $26.73 and last traded at $26.82. 844,121 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 997,186 shares. The stock had previously closed at $28.54.

Analyst Ratings Changes

Several analysts have recently commented on AMSC shares. Craig Hallum reiterated a "buy" rating and set a $33.00 price objective on shares of American Superconductor in a report on Tuesday, September 10th. Roth Mkm reiterated a "buy" rating and issued a $29.00 price target on shares of American Superconductor in a research note on Monday, September 30th.

American Superconductor Price Performance

The stock's fifty day simple moving average is $22.51 and its 200-day simple moving average is $21.27. The firm has a market cap of $1.07 billion, a PE ratio of -540.80 and a beta of 2.14.

American Superconductor (NASDAQ:AMSC - Get Free Report) last issued its earnings results on Tuesday, August 6th. The technology company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.09. The company had revenue of $40.29 million during the quarter, compared to analyst estimates of $39.55 million. American Superconductor had a positive return on equity of 8.29% and a negative net margin of 0.49%. Analysts expect that American Superconductor Co. will post 0.18 earnings per share for the current year.

Hedge Funds Weigh In On American Superconductor

Several hedge funds and other institutional investors have recently bought and sold shares of AMSC. Hood River Capital Management LLC purchased a new stake in shares of American Superconductor in the 1st quarter valued at $21,870,000. Assenagon Asset Management S.A. grew its position in American Superconductor by 643.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,057,064 shares of the technology company's stock worth $24,725,000 after purchasing an additional 914,872 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of American Superconductor during the 3rd quarter valued at about $10,246,000. AWM Investment Company Inc. lifted its holdings in shares of American Superconductor by 19.4% in the 1st quarter. AWM Investment Company Inc. now owns 2,661,319 shares of the technology company's stock valued at $35,954,000 after buying an additional 433,018 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of American Superconductor by 30.5% in the first quarter. Vanguard Group Inc. now owns 1,698,934 shares of the technology company's stock worth $22,953,000 after buying an additional 396,814 shares during the last quarter. 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.