Innio (NASDAQ:INIO) Stock Price Up 5.4% – Here’s What Happened

Innio N.V. (NASDAQ:INIO)’s stock price shot up 5.4% on Wednesday . The stock traded as high as $23.05 and last traded at $23.14. 434,128 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 4,588,581 shares. The stock had previously closed at $21.96.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on INIO shares. Wall Street Zen upgraded Innio to a “hold” rating in a research report on Saturday, June 13th. Royal Bank Of Canada raised Innio from a “sector perform” rating to an “outperform” rating and lowered their price target for the stock from $39.00 to $35.00 in a research note on Thursday, July 30th. Bank of America began coverage on shares of Innio in a research report on Monday, June 29th. They set a “buy” rating and a $46.00 price target on the stock. The Goldman Sachs Group assumed coverage on Innio in a research report on Monday, June 29th. They issued a “buy” rating and a $42.00 price target for the company. Finally, Robert W. Baird set a $37.00 target price on Innio in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.90.

Innio Stock Performance

The company has a fifty day moving average of $30.27.

Innio (NASDAQ:INIO) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.03. The firm had revenue of $937.70 million during the quarter. As a group, research analysts forecast that Innio N.V. will post 0.37 EPS for the current year.

Institutional Investors Weigh In On Innio

A number of hedge funds have recently bought and sold shares of INIO. Wellington Management Group LLP purchased a new stake in shares of Innio during the 2nd quarter worth $1,117,000. Value Aligned Research Advisors LLC acquired a new position in shares of Innio in the 2nd quarter valued at $53,605,000. Troluce Capital Advisors LLC purchased a new stake in Innio in the 2nd quarter valued at $1,483,000. Finally, Readystate Asset Management LP acquired a new stake in shares of Innio during the second quarter worth about $3,975,000.

Innio Company Profile

INNIO is a provider of energy solutions, offering reciprocating gas engines, power generation systems, and related services for distributed power generation and gas compression applications. Its portfolio is designed to support customers in industries such as utilities, data centers, agriculture, wastewater, and oil and gas, where reliable on-site power and efficiency are important.

The company is best known for its Jenbacher and Waukesha brands, which are used in engines and power systems that can run on natural gas, biogas, and other gaseous fuels.