Broadwind Energy (NASDAQ:BWEN) Stock Crosses Above 200-Day Moving Average – Here’s What Happened

Broadwind Energy, Inc. (NASDAQ:BWEN)’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 $2.07 and traded as high as $2.75. Broadwind Energy shares last traded at $2.60, with a volume of 1,888,568 shares trading hands.

Analysts Set New Price Targets

BWEN has been the topic of several research analyst reports. Wall Street Zen cut Broadwind Energy from a “hold” rating to a “sell” rating in a report on Saturday, September 13th. Zacks Research upgraded Broadwind Energy to a “hold” rating in a research report on Tuesday, August 12th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Broadwind Energy in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Broadwind Energy has an average rating of “Hold” and a consensus target price of $4.50.

Broadwind Energy Stock Performance

The company has a market cap of $59.91 million, a PE ratio of -26.00 and a beta of 1.59. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.52 and a current ratio of 1.53. The firm’s 50 day moving average is $2.20 and its 200-day moving average is $2.07.

Broadwind Energy (NASDAQ:BWEN) last released its earnings results on Tuesday, August 12th. The industrial products company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.06). The business had revenue of $39.24 million during the quarter, compared to analysts’ expectations of $37.65 million. Broadwind Energy had a negative return on equity of 3.71% and a negative net margin of 1.52%. On average, research analysts anticipate that Broadwind Energy, Inc. will post 0.01 earnings per share for the current fiscal year.

Broadwind Energy announced that its board has initiated a share repurchase plan on Wednesday, September 10th that authorizes the company to repurchase $3.00 million in shares. This repurchase authorization authorizes the industrial products company to purchase up to 6.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Broadwind Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd purchased a new stake in Broadwind Energy in the 2nd quarter valued at $25,000. Corsair Capital Management L.P. purchased a new position in shares of Broadwind Energy during the 2nd quarter worth $30,000. Goldman Sachs Group Inc. acquired a new position in shares of Broadwind Energy during the 1st quarter valued at about $25,000. Pekin Hardy Strauss Inc. purchased a new stake in shares of Broadwind Energy in the third quarter valued at about $111,000. Finally, Bridgeway Capital Management LLC grew its holdings in shares of Broadwind Energy by 5.0% in the second quarter. Bridgeway Capital Management LLC now owns 102,221 shares of the industrial products company’s stock valued at $185,000 after purchasing an additional 4,903 shares during the period. Institutional investors and hedge funds own 33.27% of the company’s stock.

About Broadwind Energy

Broadwind, Inc manufactures and sells structures, equipment, and components for clean tech and other specialized applications primarily in the United States. It operates through three segments: Heavy Fabrications, Gearing, and Industrial Solutions. The Heavy Fabrications segment provides fabrications to various industrial markets.