Innio (NASDAQ:INIO) Trading Down 7.4% – Here’s Why

Innio N.V. (NASDAQ:INIO)’s stock price dropped 7.4% during mid-day trading on Thursday . The company traded as low as $23.50 and last traded at $23.3650. 1,193,361 shares changed hands during trading, a decline of 75% from the average daily volume of 4,681,508 shares. The stock had previously closed at $25.22.

Analyst Ratings Changes

Several research firms have commented on INIO. Zacks Research raised Innio to a “hold” rating in a research report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Innio in a research report on Monday, June 29th. They set a “hold” rating and a $41.00 target price on the stock. Royal Bank Of Canada raised shares of Innio from a “sector perform” rating to an “outperform” rating and cut their target price for the company from $39.00 to $35.00 in a report on Thursday, July 30th. Robert W. Baird set a $37.00 price target on shares of Innio in a research report on Wednesday, July 29th. Finally, Wall Street Zen upgraded shares of Innio to a “hold” rating in a research note on Saturday, June 13th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.90.

Innio Price Performance

The company has a fifty day moving average price of $30.77.

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

Institutional Investors Weigh In On Innio

A hedge fund recently bought a new stake in Innio stock. Wellington Management Group LLP acquired a new stake in Innio N.V. (NASDAQ:INIO) during the second quarter, according to its most recent filing with the SEC. The firm acquired 28,248 shares of the company’s stock, valued at approximately $1,117,000.

About Innio

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.