Innergex Renewable Energy (TSE:INE) Trading 54.1% Higher – Here’s What Happened

Innergex Renewable Energy Inc. (TSE:INE) shares rose 54.1% during mid-day trading on Tuesday . The company traded as high as C$13.53 and last traded at C$13.42. Approximately 2,342,498 shares traded hands during mid-day trading, an increase of 248% from the average daily volume of 673,816 shares. The stock had previously closed at C$8.71.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on INE shares. Scotiabank reduced their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. Cormark decreased their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. TD Securities increased their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research report on Friday. National Bankshares reduced their price objective on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a research note on Tuesday, February 11th. Finally, CIBC dropped their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Trading Up 53.8 %

The business’s 50-day simple moving average is C$7.80 and its two-hundred day simple moving average is C$8.79. The firm has a market capitalization of C$2.75 billion, a price-to-earnings ratio of -21.49, a PEG ratio of 20.61 and a beta of 0.36. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44.

About Innergex Renewable Energy

For over 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity, which led to Innergex being recognized as Canada’s best corporate citizens in 2023 by Corporate Knights. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world.