Innergex Renewable Energy (TSE:INE) Stock Price Up 54.8% – Here’s What Happened

Innergex Renewable Energy Inc. (TSE:INE)’s stock price shot up 54.8% during mid-day trading on Wednesday . The company traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares were traded during trading, an increase of 1,052% from the average session volume of 925,621 shares. The stock had previously closed at C$8.71.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on INE shares. Cormark dropped their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. Raymond James reduced their target price on shares of Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. TD Securities raised their price target 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, February 21st. National Bankshares cut their price objective on shares of Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. Finally, CIBC lowered their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. Four investment 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.com, Innergex Renewable Energy currently has a consensus rating of “Hold” and a consensus target price of C$11.63.

Innergex Renewable Energy Stock Up 54.8 %

The stock has a market capitalization of C$2.76 billion, a P/E ratio of -21.62, 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 stock’s 50 day simple moving average is C$7.90 and its 200 day simple moving average is C$8.82.

About Innergex Renewable Energy

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.