In a report released today, Amit Dayal from H.C. Wainwright maintained a Buy rating on EnSync Inc (ESNC), with a price target of $1.50. The company’s shares closed yesterday at $0.22.
Dayal wrote:
“We believe that there have been no substantive new developments since the company reported its F4Q18 results slightly over a month ago. Though backlog dropped from $16.4M to $13.8M since the last earnings announcement, we continue to expect drivers such as geographic expansion and growth in the residential vertical to support backlog build-up going forward. Management indicated that slower permitting process in Hawaii had partly created bottlenecks in backlog build in the past quarter but the situation has been improving. Gross margins for the company continue to remain lumpy driven by project mix for any particular quarter, but management expects margins to bounce back in F2Q19 to the expected range of 15-25% (from 13.2% in F1Q19). Management continues to remain optimistic with respect to the company’s long-term opportunity in the residential market.”
According to TipRanks.com, Dayal has currently no stars on a ranking scale of 0-5 stars, with an average return of -9.5% and a 31.6% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Capstone Turbine Corp, and UQM Technologies Inc.
EnSync Inc has an analyst consensus of Moderate Buy, with a price target consensus of $1.50.
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Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ESNC in relation to earlier this year.
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EnSync, Inc. engages in the design, development, and manufacture of advanced energy storage, power electronic systems, and engineered custom and semi-custom products. Its services include matrix energy management, internet of energy, system support, and system design. The company was founded in 1986 and is headquartered in Menomonee Falls, WI.
