American Superconductor (NASDAQ:AMSC) Upgraded to “Hold” at Zacks Investment Research

American Superconductor (NASDAQ:AMSC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “American Superconductor Corporation is a leading energy technologies company. The company develops and sells a wide range of products and solutions based on power electronic systems and high temperature superconductor wires that dramatically improve the efficiency, reliability and quality of electricity during its generation, transmission, distribution and use. The company is a dominant force in alternative energy, offering grid interconnection solutions as well as licensed wind energy designs and electrical systems. As the world’s principal supplier of HTS wire, AMSC is enabling a new generation of compact, high-power electrical products, including power cables, grid-level surge protectors, motors, generators, and advanced transportation and defense systems. AMSC also provides utility and industrial customers worldwide with voltage regulation systems that dramatically enhance power grid capacity, reliability and security, as well as industrial productivity. “

American Superconductor stock traded down $0.27 during midday trading on Wednesday, reaching $13.13. The stock had a trading volume of 5,569 shares, compared to its average volume of 410,046. American Superconductor has a 12 month low of $11.25 and a 12 month high of $31.78. The company has a market capitalization of $371.95 million, a P/E ratio of -13.54 and a beta of 1.09. The company has a fifty day moving average price of $13.68 and a two-hundred day moving average price of $16.29.

American Superconductor (NASDAQ:AMSC) last issued its earnings results on Tuesday, August 3rd. The technology company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.06. The business had revenue of $25.42 million during the quarter, compared to analyst estimates of $24.00 million. American Superconductor had a negative return on equity of 17.25% and a negative net margin of 27.00%. On average, equities analysts expect that American Superconductor will post -0.71 EPS for the current year.

In other American Superconductor news, CFO John W. Kosiba, Jr. sold 6,409 shares of the business’s stock in a transaction that occurred on Thursday, July 1st. The stock was sold at an average price of $17.66, for a total transaction of $113,182.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Daniel P. Mcgahn sold 14,664 shares of the business’s stock in a transaction that occurred on Thursday, July 1st. The stock was sold at an average price of $17.66, for a total value of $258,966.24. The disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in AMSC. Invesco Ltd. boosted its stake in shares of American Superconductor by 30.9% in the 2nd quarter. Invesco Ltd. now owns 2,304,790 shares of the technology company’s stock worth $40,080,000 after buying an additional 544,501 shares during the last quarter. Baillie Gifford & Co. lifted its stake in American Superconductor by 78.6% in the first quarter. Baillie Gifford & Co. now owns 1,161,700 shares of the technology company’s stock valued at $22,026,000 after purchasing an additional 511,400 shares during the last quarter. Rafferty Asset Management LLC lifted its stake in American Superconductor by 592.7% in the first quarter. Rafferty Asset Management LLC now owns 222,861 shares of the technology company’s stock valued at $4,225,000 after purchasing an additional 190,688 shares during the last quarter. BlackRock Inc. lifted its stake in American Superconductor by 8.4% in the first quarter. BlackRock Inc. now owns 2,020,597 shares of the technology company’s stock valued at $38,310,000 after purchasing an additional 156,566 shares during the last quarter. Finally, Arosa Capital Management LP purchased a new position in American Superconductor in the second quarter valued at approximately $2,609,000. Hedge funds and other institutional investors own 56.43% of the company’s stock.

About American Superconductor

American Superconductor Corp. engages in provision of megawatt-scale power solutions, which improve the performance of the power grid and lower the cost of wind power. It operates through Grid and Wind segments. The Grid segment enables electric utilities and renewable energy project developers to connect, transmit, and distribute power with efficiency, reliability, security, and affordability.

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