American Superconductor Corp.’s stock rocketed 46.3% Tuesday, putting it on pace for its highest close in 22 months.
The power-grid and wind-power company’s stock is trading around $14.74 and is on track for its highest close since Nov. 11, 2021, when the stock closed at $16.47, according to Dow Jones Market Data. The stock surged on trading volume of 36.32 million shares Tuesday, well above its 65-day average trading volume of just under 355,000 shares.
Related: American Superconductor’s stock skyrockets 55.7%
The stock is up for seven of the past eight days, marking its longest winning streak since June 6, 2023, when it rose for seven straight trading days, Dow Jones Market Data show.
While American Superconductor’s
AMSC,
stock has surged on no apparent corporate news, superconductor technology has been attracting plenty of attention recently, following a claim by researchers in South Korea that they have discovered a room-temperature ambient-pressure superconductor. The research has generated both viral buzz and some skepticism, Scientific American reports.
Related: Wind-power industry predicts rapid growth, just in time for Biden’s offshore push
Samantha LaDuc, founder of LaDucTrading.com, referenced the “hot” superconductor theme in a tweet Monday.
Shares of American Superconductor have risen 310% in 2023, outpacing the S&P 500’s
SPX,
gain of 19.1%.
This story originally appeared on Marketwatch
