Covestro (OTCMKTS:COVTY) Shares Gap Up – Here’s What Happened

Shares of Covestro AG Sponsored ADR (OTCMKTS:COVTY) gapped up before the market opened on Monday . The stock had previously closed at $34.30, but opened at $35.16. Covestro shares last traded at $34.54, with a volume of 3,344 shares.

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 analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of “Hold”.

Covestro Stock Performance

The firm has a market capitalization of $13.08 billion, a price-to-earnings ratio of -26.29 and a beta of 0.92. The company has a current ratio of 1.36, a quick ratio of 0.73 and a debt-to-equity ratio of 0.34. The stock’s 50-day moving average is $34.61 and its 200-day moving average is $34.72.

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

About Covestro

Covestro AG is a leading global manufacturer of high-performance polymer materials. Established in 2015 following its spin-off from Bayer MaterialScience, the company builds on a legacy of innovation dating back to the early 20th century. Covestro develops and produces a wide range of plastics and coatings designed to meet the evolving needs of various industrial sectors.

The company’s core product portfolio includes polyurethanes, polycarbonates and specialty coatings, adhesives, sealants and elastomers.