Covestro (OTCMKTS:COVTY) Shares Gap Up – What’s Next?

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 changing hands.

Wall Street Analysts Forecast Growth

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

Covestro Stock Down 1.3%

The stock has a market capitalization of $13.08 billion, a P/E ratio of -26.21 and a beta of 0.98. 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 fifty day moving average is $34.56 and its 200-day moving average is $34.56.

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

About Covestro

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.