Covestro (OTCMKTS:COVTY) Shares Gap Down – Here’s What Happened

Covestro AG Sponsored ADR (OTCMKTS:COVTY) gapped down before the market opened on Wednesday . The stock had previously closed at $35.09, but opened at $33.1460. Covestro shares last traded at $33.7825, with a volume of 579 shares.

Covestro Stock Down 5.9%

The firm’s 50 day moving average is $35.04 and its 200-day moving average is $34.69. The firm has a market cap of $13.71 billion, a PE ratio of -13.05 and a beta of 0.93. The company has a quick ratio of 0.73, a current ratio of 1.36 and a debt-to-equity ratio of 0.34.

Covestro (OTCMKTS:COVTY) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($1.75) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($1.67). The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.42 billion. Covestro had a negative net margin of 6.97% and a negative return on equity of 13.68%. As a group, equities research analysts expect that Covestro AG Sponsored ADR will post 0.03 earnings per share for the current fiscal year.

Covestro Company Profile

Covestro AG is a leading global manufacturer of high-performance polymer materials. Established in 2015 following its spin-off from Bayer MaterialScience, the company builds on a legacy of innovation dating back to the early 20th century. Covestro develops and produces a wide range of plastics and coatings designed to meet the evolving needs of various industrial sectors.

The company’s core product portfolio includes polyurethanes, polycarbonates and specialty coatings, adhesives, sealants and elastomers.