Algonquin Power (AQN) Shares Soar 2.04% Ahead of Earnings

Algonquin Power (AQN) shares surged 2.04% today, reaching their highest level since October 2024, with an intraday gain of 2.97%.

The strategy of buying AQN shares after they reach a recent high and holding for one week resulted in poor performance over the past five years. The strategy's return was -0.55%, significantly underperforming the benchmark return of 39.28%. The excess return was -39.84%, and the CAGR was -0.24%, indicating a decline in value. The strategy had a maximum drawdown of -2.95% and a Sharpe ratio of -0.09, reflecting significant risk and negative returns.

Algonquin Power & Utilities Corp's (AQN) stock price is significantly influenced by its upcoming earnings report and recent performance trends. The company is set to release its Q1 2025 earnings on May 9, 2025, which is anticipated to drive market reactions and potentially impact stock prices. The stock has exhibited a positive trend, with buy signals from both short and long-term moving averages, indicating potential short-term gains. Additionally, the stock is currently in an upward trend, with expectations of further increases over the next three months. These factors, combined with the predicted fair opening price of $5.38 on May 6, 2025, position AQN as a strong buy candidate.