Innergex Renewable Energy (TSE:INE) Trading 54.8% Higher – Here’s What Happened

Innergex Renewable Energy Inc. (TSE:INE) traded up 54.8% on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares traded hands during mid-day trading, an increase of 1,052% from the average session volume of 925,621 shares. The stock had previously closed at C$8.71.

Wall Street Analyst Weigh In

A number of analysts have commented on INE shares. Raymond James decreased their price objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a report on Monday. Cormark lowered their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. TD Securities lifted their price objective on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday. Scotiabank reduced their target price on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Finally, CIBC dropped their price target on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44. The firm has a market cap of C$2.76 billion, a P/E ratio of -21.62, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The firm’s 50-day simple moving average is C$7.90 and its 200 day simple moving average is C$8.82.

About Innergex Renewable Energy

For over 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity, which led to Innergex being recognized as Canada’s best corporate citizens in 2023 by Corporate Knights. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world.