Stock Highlights
Allied Motion Technologies Inc. (NASDAQ: AMOT) Moves Up 163% Year-to-Date
Shares of Allied Motion Technologies Inc. (NASDAQ: AMOT), an Englewood, California-based company, soared on Thursday, ending the day 8.02% higher at $6.60.
In the last five trading sessions, the Allied Motion Technologies Inc. stock has gained 22.41%. In the last one month, the stock is up an impressive 26.92%. The stock has gained 50.68% in the last three months. Year-to-date, the stock is up a spectacular 163.99%.
Earlier this week, Vantage Drilling Company announced that its customer for the two SeaDragon semisubmersible units has entered into an agreement to sell the units to Seadrill. Paul A. Bragg, Chairman and CEO of Vantage said that the company is disappointed that the owner has chosen to sell the rigs to another party.
Allied Motion Technologies Inc. announced last week that it signed an agreement to purchase 100% of the stock of Ostergrens Elmotor AB, a Sweden-based company. Dick Warzala, President and CEO of Allied Motion Technologies, said that the addition of Ostergrens launches the next chapter in the development of Allied Motion. Warzala added that the acquisition furthers the company’s growth strategy by enabling it to expand its geographic coverage and its technical capabilities to compete more effectively.
Last month, Allied Motion Technologies reported its third-quarter financial results. The company posted a net income of $1,129,000, or $0.14 per diluted share for the third quarter, compared with a net income of $279,000, or $0.04 per diluted share reported for the same period in 2009. The company’s third-quarter revenue climbed 47% to $22,031,000.
About Allied Motion Technologies Inc.: Allied Motion Technologies Inc. is involved in the business of designing, manufacturing and selling motor, servo motion and optical encoder products to customers globally.
- The Allied Motion Technologies Inc. stock has a 52-week range of $2.32-$6.61.
- The stock trades on a daily average volume of 12,654.
- The stock is currently trading above its 50-dayn and 200-day moving averages, which is a bullish signal.
- The stock has a support level at $5.93 and a resistance level at $7.02.
- The stock’s MACD has crossed the signal line on the upside and is above the zero-line, which are strong bullish signals.
Summary
Allied Motion Technologies Inc. has made a strategic acquisition that will boost the company’s growth prospects. The company also reported strong third-quarter financial results. Its stock is on an upward trend and the rally is expected to continue.
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