American Superconductor Corporation (NASDAQ: AMSC)
American Superconductor Corporation (AMSC), a global company that provides megawatt-scale solutions worldwide yesterday announced that they have been awarded a U.S Navy contract for the long lead material for a HTS-based Ship Protection System.
American Superconductor Corporation CEO’s Comments
“AMSC’s future is here. Our vision for high temperature Superconductor technology has fully moved past its developmental stage. We have commercialized AMSC’s core technology,” said Daniel P. McGahn, President and CEO AMSC. “We look forward to working with the U.S. Navy during the expected insertion of our advance degaussing system into LPD 28.” Globe Newswire
AMSC Technical Analysis
AMSC opened trading yesterday at $3.85 which was exactly the same as the previous day’s trading close. AMSC closed trading yesterday at $3.90 and spiked up after market to $4.37, equivalent to a 12% increase from the closing price. Taking a look at the daily chart we can see the last time AMSC traded above these levels we have to go back to July 14th when it traded at $4.43.
Taking a closer look at the daily chart we can see that before the spike up AMSC had been in an overall downward trend dating back to April 26th when it traded at $7.70. AMSC has a float of 13.57 million shares and traded below the normal daily trading volume on Tuesday.
For trading purposes, I would like to see AMSC open trading on Wednesday above $4.20 and if it does I would be looking to take a long position at the bell. My stop order would be $0.10 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
American Superconductor Corporation provides megawatt-scale solutions worldwide. The company operates through two segments, Wind and Grid. The Wind segment designs wind turbine systems and licenses these designs to third parties under the Windtec Solutions brand. It supplies power electronics and software-based control systems, and provides customer support services to wind turbine manufacturers.
This segments design portfolio comprises a range of drivetrains and power ratings of 2 megawatts. The Grid segment offers products and services that enable electric utilities and renewable energy project developers to connect, transmit, and distribute power under the Gridtec Solutions brand.
It provides transmission planning services, which identify power grid congestion, poor power quality, and other risks; grid interconnection solutions for wind farms and solar power plants, power quality systems, and transmission and distribution cable systems; resilient electric grid systems, which provide protection against the adverse effects that follow the loss of critical substation facilities in urban areas; and ship protection systems, which reduce a naval ships magnetic signature.
This segment also offers flexible alternating current transmission system, a system that consists of power electronics and other static components used for controlling power flow and voltage in the AC transmission system; and standalone fault current limiters, which act as surge protectors for the power grid. American Superconductor Corporation was founded in 1987 and is headquartered in Devens, Massachusetts. Yahoo Finance