Innio (NASDAQ:INIO) Trading 3.9% Higher – Here’s What Happened
by Renee Jackson · The Cerbat GemInnio N.V. (NASDAQ:INIO – Get Free Report) shares rose 3.9% on Tuesday . The company traded as high as $18.05 and last traded at $18.13. 720,503 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 4,452,212 shares. The stock had previously closed at $17.45.
Wall Street Analysts Forecast Growth
Several analysts have recently issued reports on the company. Royal Bank Of Canada upgraded Innio from a “sector perform” rating to an “outperform” rating and reduced their price objective for the company from $39.00 to $35.00 in a research report on Thursday, July 30th. Weiss Ratings started coverage on Innio in a report on Monday, August 31st. They set a “sell (d)” rating for the company. The Goldman Sachs Group initiated coverage on shares of Innio in a research report on Monday, June 29th. They set a “buy” rating and a $42.00 price target on the stock. JPMorgan Chase & Co. initiated coverage on Innio in a research report on Monday, June 29th. They issued an “overweight” rating and a $44.00 target price for the company. Finally, Morgan Stanley initiated coverage on shares of Innio in a research report on Monday, June 29th. They issued an “overweight” rating and a $47.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Innio currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.90.
Check Out Our Latest Report on INIO
Innio Stock Up 2.6%
The company’s 50 day moving average is $25.49.
Innio (NASDAQ:INIO – Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. The company had revenue of $937.70 million during the quarter. On average, analysts expect that Innio N.V. will post 0.37 EPS for the current year.
Hedge Funds Weigh In On Innio
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP bought a new position in Innio during the 2nd quarter worth $1,117,000. Troluce Capital Advisors LLC bought a new position in shares of Innio in the second quarter valued at approximately $1,483,000. WINTON GROUP Ltd acquired a new position in shares of Innio during the 2nd quarter valued at $2,990,000. Readystate Asset Management LP bought a new stake in Innio in the second quarter worth about $3,975,000. Finally, Squarepoint Ops LLC acquired a new stake in Innio during the second quarter valued at approximately $13,842,000.
About Innio
INNIO Group is an energy technology company that develops and provides power generation and gas compression solutions. Its principal product lines are marketed under the Jenbacher and Waukesha brands, which serve distributed power generation, combined heat and power, and industrial and commercial energy applications.
The company manufactures gas engines and related systems designed to operate on fuels including natural gas, biogas, landfill gas and hydrogen blends. Its offerings also include microgrid and energy-management solutions, aftermarket services, parts and maintenance, and digital monitoring through its myPlant platform.