American Superconductor Stock Continues to Fly 11% Higher After a 60% Rally Tuesday

Tiger_Newspress

American Superconductor stock continues to fly 10.9% 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%.

How long will AMSC frenzy last?

The emergence of the superconductor revolution alongside the growth of AI represents a significant market-driving narrative in the technology and scientific communities. ---------- What is superconductivity? Will you bet on the new meme stock?

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