Covestro (OTCMKTS:COVTY) Sees Strong Trading Volume – Here’s Why

Covestro AG Sponsored ADR (OTCMKTS:COVTY) shares saw an uptick in trading volume on Friday . 52,891 shares changed hands during trading, an increase of 651% from the previous session’s volume of 7,042 shares.The stock last traded at $34.23 and had previously closed at $33.9144.

Wall Street Analyst Weigh In

Separately, Alembic Global Advisors downgraded Covestro to a “hold” rating in a report on Monday, October 27th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Covestro presently has a consensus rating of “Hold”.

Covestro Stock Performance

The company has a current ratio of 1.39, a quick ratio of 0.74 and a debt-to-equity ratio of 0.34. The stock’s 50 day moving average price is $34.57 and its 200 day moving average price is $34.59. The company has a market capitalization of $12.94 billion, a price-to-earnings ratio of -25.93 and a beta of 0.98.

Covestro (OTCMKTS:COVTY) last issued its quarterly earnings results on Thursday, October 30th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.02. The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.69 billion. Covestro had a negative return on equity of 7.07% and a negative net margin of 3.34%. Analysts expect that Covestro AG Sponsored ADR will post 0.03 earnings per share for the current year.

Covestro Company Profile

Covestro AG supplies high-tech polymer materials and application solutions. It operates in two segments, Performance Materials, and Solutions & Specialties. The Performance Materials segment develops, produces, and supplies high-performance materials, such as polyurethanes and polycarbonates, and base chemicals, which include diphenylmethane diisocyanate (MDI), toluylene diisocyanate, long-chain polyols, and polycarbonate resins for use in furniture and wood processing, construction, automotive, and transportation industries, as well as roof structures, insulation for buildings and refrigerators, mattresses, car seats, and other applications.