Innergex Renewable Energy (TSE:INE) Trading 53.8% Higher – Here’s What Happened

Innergex Renewable Energy Inc. (TSE:INE)’s stock price shot up 53.8% on Tuesday . The stock traded as high as C$13.53 and last traded at C$13.40. 7,428,104 shares were traded during trading, an increase of 795% from the average session volume of 830,219 shares. The stock had previously closed at C$8.71.

Analyst Upgrades and Downgrades

INE has been the subject of several analyst reports. TD Securities increased their target price on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a report on Friday. CIBC reduced their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a report on Thursday, November 7th. Cormark decreased their price target on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Raymond James cut their price objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Finally, National Bankshares decreased their price objective on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a report on Tuesday, February 11th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Stock Performance

The company has a market capitalization of C$2.75 billion, a P/E ratio of -21.52, a P/E/G ratio of 20.61 and a beta of 0.36. The company has a current ratio of 0.56, a quick ratio of 0.58 and a debt-to-equity ratio of 620.44. The company’s fifty day moving average is C$7.80 and its 200 day moving average is C$8.79.

Innergex Renewable Energy Company Profile

For over 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity, which led to Innergex being recognized as Canada’s best corporate citizens in 2023 by Corporate Knights. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world.