A-Power Energy Generation Systems Shares Plummet 27%, Hit 52-Week Low (APWR)

Shares of A-Power Energy Generation Systems Ltd. APWR are trading down 27% at $4.64 per share during the Wednesday morning trading session. The morning's trading range for shares of A-Power Energy Generation Systems Ltd has been between a 52-week low of $4.55 and $4.96 per share. Analysts covering the company's stock give it a consensus price target of $15 per share. Volume of 4.5 million shares is already far above the daily average volume of 850,000 shares. A-Power Energy Generation Systems Ltd. (APWR) announced on Wednesday morning that it missed consensus Wall Street expectations. A-Power Energy Generation Systems Ltd announced a 3rd quarter loss per share of 2 cents, on revenue of $57.33 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 29 cents per share, on revenue of $144.23 million. Chairman and CEO Jinxiang Lu said, "A-Power's results in the third quarter were less than we hoped we would achieve. The shortfall was due mainly to lower revenues in our Distributed power generation segment because of the timing of work under contracts, and to less-than-planned sales in our Wind power segment. Although Wind power achieved revenues of $15.5 million in the third quarter, we had assumed we would be able to book revenues from a major customer, Spinning Star LLC. However to date, Spinning Star has been unable to secure the expected construction financing for its wind farm project in Texas." Read more from Benzinga's Company news.