Innio (NASDAQ:INIO) Stock Price Up 8.5% – Here’s Why

Innio N.V. (NASDAQ:INIO)’s stock price rose 8.5% during mid-day trading on Friday. The company traded as high as $19.73 and last traded at $19.8350. Approximately 1,243,417 shares changed hands during trading, a decline of 74% from the average daily volume of 4,828,119 shares. The stock had previously closed at $18.28.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Citigroup started coverage on shares of Innio in a report on Monday, June 29th. They issued a “neutral” rating and a $42.00 price objective for the company. UBS Group started coverage on shares of Innio in a research report on Monday, June 29th. They issued a “buy” rating and a $47.00 price target for the company. JPMorgan Chase & Co. assumed coverage on shares of Innio in a research note on Monday, June 29th. They issued an “overweight” rating and a $44.00 price target for the company. Zacks Research raised Innio to a “hold” rating in a research report on Tuesday, June 30th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Innio in a research note on Monday, June 29th. They issued a “hold” rating and a $41.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Innio has an average rating of “Moderate Buy” and an average price target of $42.20.

Innio Stock Performance

The business has a fifty day moving average of $22.54.

Innio (NASDAQ:INIO) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. The firm had revenue of $937.70 million during the quarter. On average, research analysts expect that Innio N.V. will post 0.37 earnings per share for the current year.

Institutional Investors Weigh In On Innio

Hedge funds and other institutional investors have recently bought and sold shares of the stock. HBK Investments L P purchased a new stake in Innio in the second quarter valued at $6,031,000. Junto Capital Management LP acquired a new stake in shares of Innio during the second quarter worth about $26,193,000. Dragoneer Investment Group LLC acquired a new stake in shares of Innio during the second quarter worth about $112,718,000. WINTON GROUP Ltd purchased a new stake in shares of Innio in the 2nd quarter valued at about $2,990,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Innio in the 2nd quarter valued at about $13,842,000.

Innio Company Profile

INNIO Group Holding GmbH develops and provides energy solutions for power generation and compression applications. Its portfolio includes gas engines, combined heat and power systems, distributed energy systems, and related equipment and services designed for industrial, commercial, utility, and infrastructure customers.

The company operates through its Jenbacher and Waukesha brands. Jenbacher products are used for distributed power generation, cogeneration, renewable-gas applications, and energy-transition projects, while Waukesha products primarily serve natural-gas engine applications, including power generation and mechanical-drive systems for the oil and gas industry.