Innergex Renewable Energy (TSE:INE) Trading 54.8% Higher – Here’s What Happened

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

Wall Street Analysts Forecast Growth

INE has been the subject of several research reports. Scotiabank reduced their price objective on Innergex Renewable Energy from C$11.50 to C$10.50 in a report on Thursday, January 30th. National Bankshares cut their price target on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating for the company in a research note on Tuesday, February 11th. CIBC lowered their price objective on shares of Innergex Renewable Energy from C$11.50 to C$11.00 in a research note on Thursday, November 7th. TD Securities lifted their target price on shares of Innergex Renewable Energy from C$8.00 to C$9.00 and gave the stock a “hold” rating in a research report on Friday, February 21st. Finally, Raymond James cut their price objective on Innergex Renewable Energy from C$13.00 to C$11.50 in a research report on Monday. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Innergex Renewable Energy has a consensus rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

The company has a debt-to-equity ratio of 620.44, a current ratio of 0.56 and a quick ratio of 0.58. The firm has a market cap of C$2.76 billion, a price-to-earnings ratio of -21.62, a price-to-earnings-growth ratio of 20.61 and a beta of 0.36. The business’s 50-day moving average price is C$7.90 and its two-hundred 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.