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

Innergex Renewable Energy Inc. (TSE:INE) shares shot up 54.8% during trading on Wednesday . The stock traded as high as C$13.53 and last traded at C$13.48. 10,662,261 shares changed hands during mid-day 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 Ratings Changes

Several analysts have weighed in on INE shares. National Bankshares cut their price objective on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 11th. TD Securities increased their price objective on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a report on Friday, February 21st. Cormark dropped their target price on shares of Innergex Renewable Energy from C$10.00 to C$9.50 in a report on Thursday, January 30th. Scotiabank decreased their price target on shares of Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Finally, CIBC lowered their price target on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Innergex Renewable Energy currently has an average rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

The stock has a market cap of C$2.76 billion, a PE ratio of -21.62, a PEG ratio of 20.61 and a beta of 0.36. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 620.44. The stock’s fifty day moving average price is C$7.90 and its 200 day moving average price is C$8.82.

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.