Zoltek Companies, Inc. (NASDAQ: ZOLT) has been on fire in the last two trading sessions. During last week the stock was under $10 at $9.47 on Thursday… Then shares closed at $13.11 on Friday on 4.5 million shares followed by a gain to $14.58 but on 2.95 million shares on Monday. The move was all after stronger than expected earnings from the carbon fiber maker for wind turbine and winding and propulsion equipment.
Needham & Company, Inc. is putting an end or at least interrupting the gains this morning. The firm has downgraded the stock to “Underperform” from what was an already cautious rating of “Hold.”
So far, shares are down 2.6% at $14.20. Keep in mind that the move higher was likely boosted by a short interest of 5.29 million shares in mid-January and that was the highest reading that had been seen since mid-September.
The 52-week trading range is $5.60 to $16.06 and the company had a $501 million market cap as of Monday’s close.
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