Covestro (OTCMKTS:COVTY) Shares Gap Up – Should You Buy?

Covestro AG Sponsored ADR (OTCMKTS:COVTY)’s share price gapped up prior to trading 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 changing hands.

Wall Street Analysts Forecast Growth

Separately, Alembic Global Advisors lowered Covestro to a “hold” rating in a report on Monday, October 27th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold”.

Covestro Trading Up 0.3%

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

Covestro (OTCMKTS:COVTY) last issued its earnings results on Thursday, October 30th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.02. The business had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.69 billion. Covestro had a negative net margin of 3.34% and a negative return on equity of 7.04%. On average, sell-side analysts expect that Covestro AG Sponsored ADR will post 0.03 EPS for the current year.

Covestro Company Profile

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.