Shares of American Superconductor Corporation (NASDAQ:AMSC) have risen suddenly and dramatically this afternoon on above-average volume. Shares spiked from around $6.44 at 2:30 p.m. ET to $6.85 in a matter of 25 minutes. While there hasn’t been any major news coming from the company today, the spike could be the result of pent up demand after the company recently announced a deal on December 16th with India’s Inox Corporation worth approximately $210 million over the nest 36-48 months.
Shares of American Superconductor Corporation (NASDAQ:AMSC) have rallied more than $2.45, or over 55% since this news, but are currently trading well shy of their highs of $10.89 seen back in April of this year. The stock is up 9.79% or $0.6 following the news, hitting $6.73 per share. About 116,240 shares traded hands or up 46.86% from the average. AMSC has declined 3.01% since May 22, 2015 and is currently downtrending. It has outperformed the S&P500 by 0.05%.
American Superconductor Corporation is a well-known provider of megawatt-scale solutions. The company has a market cap of $90.99 million. The Firm conducts its business through two divisions: Wind and Grid. It currently has negative earnings. Through its Windtec Solutions brand, the Wind business segment enables manufacturers to field wind turbines.