American Superconductor (NASDAQ:AMSC) Shares Down 4.7% – Here’s Why

Shares of American Superconductor Co. (NASDAQ:AMSC) traded down 4.7% during trading on Wednesday . The company traded as low as $31.73 and last traded at $32.09. 610,701 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 1,053,227 shares. The stock had previously closed at $33.68.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AMSC. Roth Mkm reaffirmed a “buy” rating and set a $29.00 price objective on shares of American Superconductor in a research note on Monday, September 30th. Craig Hallum restated a “buy” rating and set a $33.00 price objective on shares of American Superconductor in a research report on Tuesday, September 10th.

American Superconductor Price Performance

The business’s fifty day simple moving average is $26.42 and its 200-day simple moving average is $23.51.

Institutional Trading of American Superconductor

Several large investors have recently modified their holdings of AMSC. Assenagon Asset Management S.A. lifted its holdings in American Superconductor by 643.4% in 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 buying an additional 914,872 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in American Superconductor in the third quarter valued at $10,246,000. Vanguard Group Inc. increased its position in American Superconductor by 30.5% during the 1st quarter. Vanguard Group Inc. now owns 1,698,934 shares of the technology company’s stock valued at $22,953,000 after purchasing an additional 396,814 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in American Superconductor by 211.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 304,528 shares of the technology company’s stock worth $7,187,000 after purchasing an additional 206,655 shares in the last quarter. Finally, Rice Hall James & Associates LLC purchased a new stake in shares of American Superconductor in the 2nd quarter worth about $3,468,000. 52.28% of the stock is owned by institutional investors.

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.