American Superconductor Stock Continues to Fly 15% Higher After a 60% Rally Tuesday

Tiger Newspress2023-08-02

American Superconductor stock continues to fly 15% higher premarket.

American Superconductor Corp.’s stock rocketed 60% Tuesday, hitting its highest close in 22 months.

The power-grid and wind-power company’s stock is trading around $16.13 and hit its highest close since Nov. 11, 2021, when the stock closed at $16.47, according to Dow Jones Market Data. The stock surged on a trading volume of 48.78 million shares Tuesday, well above its 65-day average trading volume of just under 355,000 shares.

The stock is up for seven of the past eight days, marking its longest winning streak since June 6, 2023, when it rose for seven straight trading days, Dow Jones Market Data show.

While American Superconductor’s stock has surged on no apparent corporate news, superconductor technology has been attracting plenty of attention recently, following a claim by researchers in South Korea that they have discovered a room-temperature ambient-pressure superconductor. The research has generated both viral buzz and some skepticism, Scientific American reports.

Samantha LaDuc, founder of LaDucTrading.com, referenced the “hot” superconductor theme in a tweet Monday.

American Superconductor will release Q1 results after close of trading on Wednesday, Aug. 9.

Shares of American Superconductor have risen 338% in 2023, outpacing the S&P 500’s gain of 19.2%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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