Generac (NYSE:GNRC) Shares Gap Down to $150.60

Posted by Defense World Staff on Jul 7th, 2023

Generac Holdings Inc. (NYSE:GNRC – Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $150.60, but opened at $146.13. Generac shares last traded at $142.71, with a volume of 409,631 shares traded.

Analysts Set New Price Targets

Several analysts have recently commented on GNRC shares. Bank of America dropped their price objective on shares of Generac from $95.00 to $90.00 in a report on Thursday. Stifel Nicolaus lifted their price objective on Generac from $130.00 to $135.00 in a research note on Wednesday, May 17th. Truist Financial dropped their target price on Generac from $145.00 to $120.00 in a report on Monday, May 1st. Citigroup lowered their price objective on Generac from $140.00 to $127.00 in a research report on Friday, April 21st. Finally, StockNews.com raised shares of Generac from a “sell” rating to a “hold” rating in a report on Friday, May 12th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Generac presently has an average rating of “Hold” and an average target price of $171.73.

Generac Stock Performance

The company has a current ratio of 2.40, a quick ratio of 0.82 and a debt-to-equity ratio of 0.65. The stock’s fifty day simple moving average is $120.80 and its 200 day simple moving average is $114.07. The company has a market cap of $8.29 billion, a price-to-earnings ratio of 33.99, a P/E/G ratio of 2.57 and a beta of 1.24.

Generac (NYSE:GNRC – Free Report) last posted its quarterly earnings results on Wednesday, May 3rd. The technology company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.52 by $0.11. The firm had revenue of $887.90 million during the quarter, compared to analysts’ expectations of $850.07 million. Generac had a return on equity of 19.63% and a net margin of 6.91%. The business’s revenue for the quarter was down 21.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.09 earnings per share. As a group, analysts anticipate that Generac Holdings Inc. will post 5.87 earnings per share for the current year.

Insider Activity

In other Generac news, CEO Aaron Jagdfeld sold 5,000 shares of Generac stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $102.16, for a total transaction of $510,800.00. Following the transaction, the chief executive officer now directly owns 622,690 shares of the company’s stock, valued at $63,614,010.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Generac news, CEO Aaron Jagdfeld sold 5,000 shares of the firm’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $102.16, for a total transaction of $510,800.00. Following the completion of the sale, the chief executive officer now owns 622,690 shares of the company’s stock, valued at $63,614,010.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Rajendra Kumar Kanuru sold 250 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $149.15, for a total value of $37,287.50. Following the completion of the transaction, the executive vice president now directly owns 16,618 shares in the company, valued at approximately $2,478,574.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,250 shares of company stock valued at $1,834,438. 2.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Generac

A number of institutional investors and hedge funds have recently made changes to their positions in GNRC. Armstrong Advisory Group Inc. raised its holdings in shares of Generac by 52.9% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 347 shares of the technology company’s stock valued at $52,000 after buying an additional 120 shares during the period. Psagot Value Holdings Ltd. Israel lifted its position in shares of Generac by 37.7% during the first quarter. Psagot Value Holdings Ltd. Israel now owns 2,410 shares of the technology company’s stock worth $268,000 after purchasing an additional 660 shares in the last quarter. Berkshire Asset Management LLC PA purchased a new position in shares of Generac in the first quarter valued at approximately $234,000. Aurora Investment Counsel grew its holdings in shares of Generac by 3.9% in the first quarter. Aurora Investment Counsel now owns 5,810 shares of the technology company’s stock valued at $628,000 after purchasing an additional 220 shares in the last quarter. Finally, Level Four Advisory Services LLC purchased a new stake in Generac during the 1st quarter worth approximately $247,000. 85.93% of the stock is owned by hedge funds and other institutional investors.

About Generac

(Free Report)

Generac Holdings Inc designs, manufactures, and sells power generation equipment, energy storage systems, energy management devices and solutions, and other power products for the residential, light commercial, and industrial markets worldwide. The company offers residential automatic standby generators, automatic transfer switch, air-cooled engine residential standby generators, and liquid-cooled engine generators; residential storage solution consists of a system of batteries, an inverter, photovoltaic optimizers, power electronic controls, and other components; Mobile Link, a remote monitoring system for home standby generators; smart home solutions, such as smart thermostats and a suite of home monitoring products; smart water heater controllers; residential clean energy solutions; and portable and inverter generators; outdoor power equipment, including trimmers, field and brush mowers, log splitters, stump grinders, chipper shredders, lawn and leaf vacuums, and pressure washers and water pumps; and battery-powered turf care products.