Zacks Investment Research downgraded shares of Infrastructure and Energy Alternatives (NASDAQ:IEA) from a buy rating to a hold rating in a research note published on Wednesday morning, Zacks.com reports.
According to Zacks, “Infrastructure and Energy Alternatives is a leading infrastructure construction company with specialized energy and heavy civil expertise. Headquartered in Indianapolis, Indiana, with operations throughout the country, the company offers a full spectrum of delivery models including full engineering, procurement, and construction (EPC), turnkey, design-build, balance of plant (BOP), and subcontracting services. The company one of three Tier 1 wind energy contractors in the U.S. and has completed more than 200 wind and solar projects across North America. “
Shares of NASDAQ:IEA traded up $0.14 during trading on Wednesday, reaching $3.60. 900 shares of the stock were exchanged, compared to its average volume of 20,709. The firm’s 50-day moving average price is $3.41 and its 200 day moving average price is $3.23. The firm has a market cap of $80.99 million, a price-to-earnings ratio of -4.57 and a beta of 0.18. Infrastructure and Energy Alternatives has a 12-month low of $1.81 and a 12-month high of $9.00.
Hedge funds have recently modified their holdings of the company. United Capital Financial Advisers LLC lifted its holdings in shares of Infrastructure and Energy Alternatives by 152.2% during the 2nd quarter. United Capital Financial Advisers LLC now owns 116,000 shares of the company’s stock valued at $237,000 after acquiring an additional 70,000 shares in the last quarter. Crow Point Partners LLC acquired a new stake in Infrastructure and Energy Alternatives in the 3rd quarter valued at $104,000. Jane Street Group LLC acquired a new stake in Infrastructure and Energy Alternatives in the 2nd quarter valued at $138,000. Paloma Partners Management Co purchased a new position in Infrastructure and Energy Alternatives in the second quarter valued at about $141,000. Finally, Oaktree Capital Management LP purchased a new position in Infrastructure and Energy Alternatives in the second quarter valued at about $39,000. 13.81% of the stock is currently owned by institutional investors and hedge funds.
Infrastructure and Energy Alternatives Company Profile
Infrastructure and Energy Alternatives, Inc, a diversified infrastructure construction company, provides engineering, procurement, and construction services for the renewable energy, traditional power, and civil infrastructure industries in the United States. It offers design, site development, construction, installation, and restoration of infrastructure services.
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