Covestro (OTCMKTS:COVTY) Sees Unusually-High Trading Volume – What’s Next?

Covestro AG Sponsored ADR (OTCMKTS:COVTY) shares saw an uptick in trading volume on Tuesday . 24,835 shares traded hands during mid-day trading, an increase of 231% from the previous session’s volume of 7,500 shares.The stock last traded at $35.2350 and had previously closed at $35.06.

Analysts Set New Price Targets

Separately, Alembic Global Advisors downgraded shares of Covestro to a “hold” rating in a research note on Monday, October 27th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold”.

Covestro Trading Down 0.6%

The company has a market cap of $13.34 billion, a price-to-earnings ratio of -26.33 and a beta of 0.92. The company has a quick ratio of 0.73, a current ratio of 1.36 and a debt-to-equity ratio of 0.34. The business’s fifty day simple moving average is $34.65 and its two-hundred day simple moving average is $34.69.

Covestro (OTCMKTS:COVTY) last issued its earnings results on Thursday, October 30th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.02. Covestro had a negative net margin of 3.34% and a negative return on equity of 7.04%. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.69 billion. On average, equities analysts predict that Covestro AG Sponsored ADR will post 0.03 EPS for the current year.

About Covestro

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.