Power Solutions International Stock Price Up 11.3% Following Better-Than-Expected Earnings (PSIX)
Power Solutions International (NASDAQ:PSIX)’s share price rose 11.3% on Friday after the company announced better than expected quarterly earnings, AnalystRatingsNetwork.com reports. The stock traded as high as $68.76 and last traded at $66.00, with a volume of 102,098 shares trading hands. The stock had previously closed at $59.28.
The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.02. The company had revenue of $83.40 million for the quarter, compared to the consensus estimate of $81.37 million. During the same quarter in the previous year, the company posted $0.23 earnings per share. The company’s revenue for the quarter was up 41.1% on a year-over-year basis.
Separately, analysts at Global Hunter Securities upgraded shares of Power Solutions International from a “neutral” rating to an “accumulate” rating in a research note on Friday. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $85.40.
The stock has a 50-day moving average of $65.77 and a 200-day moving average of $72.4. The company’s market cap is $681.2 million.
Power Solutions International, Inc, is a global producer and distributor of a ranges of high performance, certified low emission, power systems for original equipment manufacturers of off-highway industrial equipment.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.