Ossen Innovation Co Ltd (ADR) (NASDAQ:OSN)
Ossen Innovation Co Ltd (ADR) (NASDAQ:OSN) stock is up over 30%, but have dropped from prices that hit multi-year highs. The daily average volume for OSN stock is just over 10,000 shares. However today, by 1:15 PM EST, over 1.8 million shares have exchanged hands. The substantial price and volume increase is curious to market observers as no news has been announced by the company or financial press that could account for the dramatic increases.
Ossen Innovation Co Ltd (ADR) (NASDAQ:OSN) manufactures and sells plain surface pre-stressed steel materials and rare earth coated and zinc coated pre-stressed steel materials. The company’s products are mainly used in the construction of bridges, highways and other infrastructure projects. Ossen has two manufacturing facilities located in Maanshan, Anhui Province, and Jiujiang, Jiangxi Province.
OSN Stock Performance
In late September, OSN stock hit its 52-week low of $1.50. Today the stock has been as high as $3.61, but sellers stepped in and the stock is now trading around the $2.75 level. Out of the past 12 trading sessions, OSN stock has ended the day higher eleven times.
Ossen Innovation Co Ltd (ADR) (NASDAQ:OSN) per share earnings increased annually from 2012 $0.36, to 2015, $0.89. But in 2016 the company reported a lower figure of $0.73. Sales have been largely flat. In 2012 the company posted sales of $122.4 million and by 2016 that number was just $117 million.
OSN stock has gained just 3% year-to-date, but returned over 23% over the past month.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.