Dallas, Texas 07/03/2013 (Financialstrend) – Shares of American Superconductor Corporation (NASDAQ:AMSC) closed at $2.52 on Tuesday, recording a loss of 8.70 percent. The share price ranged between $2.48 and $2.76 during the day, with a 52-week high of $4.96 and a 52-week low of $2.12 per share.
American Superconductor Corporation (NASDAQ:AMSC) recorded very high trading volumes of 883,307 shares on Tuesday, with an average volume of 902,910 shares per day. American Superconductor Corporation (NASDAQ:AMSC) currently has 57.54 million shares outstanding in the market with a market cap of $145 million and an institutional ownership of 29 percent of the total share capital.
American Superconductor Corporation creates high temperature superconductor wires from metal precursors. In a continuous process, the company produces a multi filamentary metal / ceramic matrix, to be used as composite in the production of superconducting micro cables. The target markets of the company are in such high value-added areas as the aerospace and the military. Production of utility cables has major long-term opportunities to be tapped by the company.
American Superconductor Corporation (NASDAQ:AMSC) requested the Congress to reevaluate the trade relationships of the company with China in conjunction with the claims against Sinovel for the theft of company’s top secret. As for the FBI investigation, US Justice Department has charged for the usage of AMSC’s software code in four of its 1.5 MW turbines by Sinovel along with two of its employees for the theft of intellectual property. The company announced that such actions of Sinovel have brought disrespect and disregard to the international trade law. The company’s software code for intellectual property has been downloaded from Wisconsin in Germany from an AMSC computer.