Last week, on Friday November 27, we reported that shares of Abengoa SA (ADR) (NASDAQ:ABGB) tumbled following word that the company had missed interest payments which were sheduled to be made to investors.
Abengoa had announced that they filed for creditor protection after becoming unable to pay out approximately $70,000 owed to creditors. Apparently investors believe that the stock became a bit oversold during this sell-off, as shown with today’s increase.
The stock is up 12.72% or $0.22 after the news, hitting $1.95 per share. About 222,230 shares traded hands or 219.05% up from the average. ABGB has declined 89.35% since April 27, 2015 and is downtrending. It has underperformed by 88.46% the S&P500.
Out of 3 analysts covering Abengoa SA (NASDAQ:ABGB), 0 rate it “Buy”, 1 “Sell”, while 2 “Hold”. This means 0 are positive. Abengoa SA was the topic in 3 analyst reports since August 3, 2015 according to StockzIntelligence Inc. Canaccord Genuity downgraded the stock on November 16 to “Hold” rating. BNP Paribas downgraded the shares of ABGB in a report on August 3 to “Underperform” rating.
Abengoa SA is a Spain-based company engaged in the provision of technological solutions for the engineering sector. The company has a market cap of $296.89 million. The Firm is structured into three main business divisions. It currently has negative earnings. The Industrial Engineering and Construction division comprises the execution of turnkey generation power station projects, hydraulic infrastructures and electric transmission lines.