Innio (NASDAQ:INIO) Shares Gap Up – Here’s What Happened

Innio N.V. (NASDAQ:INIO)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $18.71, but opened at $21.04. Innio shares last traded at $19.3020, with a volume of 1,299,028 shares.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group started coverage on shares of Innio in a research report on Monday, June 29th. They set a “buy” rating and a $42.00 price target on the stock. Royal Bank Of Canada upgraded Innio from a “sector perform” rating to an “outperform” rating and lowered their price objective for the company from $39.00 to $35.00 in a research note on Thursday, July 30th. Morgan Stanley initiated coverage on Innio in a research report on Monday, June 29th. They set an “overweight” rating and a $47.00 target price on the stock. Robert W. Baird set a $37.00 price target on shares of Innio in a report on Wednesday, July 29th. Finally, Wall Street Zen raised Innio to a “hold” rating in a research note on Saturday, June 13th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.90.

Innio Trading Up 6.7%

The company’s 50 day simple moving average is $24.85.

Innio (NASDAQ:INIO) last released its earnings results 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 company had revenue of $937.70 million during the quarter. On average, analysts predict that Innio N.V. will post 0.37 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP purchased a new stake in Innio in the second quarter worth $1,117,000. Troluce Capital Advisors LLC bought a new position in shares of Innio during the second quarter valued at approximately $1,483,000. WINTON GROUP Ltd purchased a new position in Innio during the second quarter valued at $2,990,000. Readystate Asset Management LP purchased a new stake in Innio during the 2nd quarter valued at about $3,975,000. Finally, HBK Investments L P purchased a new position in Innio in the 2nd quarter worth approximately $6,031,000.

About Innio

INNIO Group is an energy technology company that develops and provides power generation and gas compression solutions. Its principal product lines are marketed under the Jenbacher and Waukesha brands, which serve distributed power generation, combined heat and power, and industrial and commercial energy applications.

The company manufactures gas engines and related systems designed to operate on fuels including natural gas, biogas, landfill gas and hydrogen blends. Its offerings also include microgrid and energy-management solutions, aftermarket services, parts and maintenance, and digital monitoring through its myPlant platform.