Covestro (OTCMKTS:COVTY) Shares Gap Up – Here’s What Happened

Shares of Covestro AG Sponsored ADR (OTCMKTS:COVTY) gapped up prior to trading on Tuesday . The stock had previously closed at $34.10, but opened at $34.9050. Covestro shares last traded at $35.1170, with a volume of 1,830 shares traded.

Wall Street Analysts Forecast Growth

Separately, Alembic Global Advisors downgraded shares of Covestro to a “hold” rating in a research report on Monday, October 27th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold”.

Covestro Stock Up 3.4%

The company has a current ratio of 1.39, a quick ratio of 0.74 and a debt-to-equity ratio of 0.34. The firm’s 50 day moving average price is $34.48 and its two-hundred day moving average price is $34.53. The company has a market capitalization of $13.33 billion, a price-to-earnings ratio of -26.71 and a beta of 0.98.

Covestro (OTCMKTS:COVTY) last released its quarterly earnings data on Thursday, October 30th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.02. The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.69 billion. Covestro had a negative net margin of 3.34% and a negative return on equity of 7.07%. Sell-side analysts anticipate that Covestro AG Sponsored ADR will post 0.03 earnings per share for the current fiscal year.

Covestro Company Profile

Covestro AG supplies high-tech polymer materials and application solutions. It operates in two segments, Performance Materials, and Solutions & Specialties. The Performance Materials segment develops, produces, and supplies high-performance materials, such as polyurethanes and polycarbonates, and base chemicals, which include diphenylmethane diisocyanate (MDI), toluylene diisocyanate, long-chain polyols, and polycarbonate resins for use in furniture and wood processing, construction, automotive, and transportation industries, as well as roof structures, insulation for buildings and refrigerators, mattresses, car seats, and other applications.