Stock Track | American Superconductor Soars on Blowout Earnings and Upbeat Outlook

Stock Track11-05

American Superconductor (AMSC), a leading provider of power systems and superconductor wires for power grids and wind turbines, saw its stock surge by 5.18% in the past 24 hours, likely fueled by the company's impressive fiscal second-quarter earnings report and positive guidance.

AMSC reported a staggering 27 cents per share in earnings, significantly outpacing analysts' expectations of 4 cents per share. Additionally, the company's revenue growth accelerated to an impressive 60% year-over-year, driven in part by the recent acquisition of NWL, a provider of power supplies to industrial and military customers. AMSC's CEO, Daniel P. McGahn, highlighted the strong booking of nearly $60 million in new orders during the quarter, with robust demand for its energy power systems.

The stock's surge was further supported by its recent technical breakout, as AMSC's shares reached a buy point on Friday, forming a handle within a deep cup base pattern. While the handle is slightly lower than ideal, it nevertheless provides an attractive entry point for investors. The stock's Accumulation/Distribution Rating of B also indicates moderate institutional buying over the past 13 weeks, further bolstering its upward momentum.

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