In a report released today, Amit Dayal from H.C. Wainwright maintained a Buy rating on Hydrogenics Corp (HYGS), with a price target of $9. The company’s shares closed yesterday at $8.32, close to its 52-week high of $9.
Dayal observed:
“We believe the combination of Hydrogenics’ electrolysis technology and Air Liquide’s gas handling and engineering capabilities has created new revenue opportunities for the company.”
According to TipRanks.com, Dayal is a 1-star analyst with an average return of -1.3% and a 48.0% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Advanced Emissions Solutions, Inc., Ballard Power Systems, and Orion Energy Systems.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Hydrogenics Corp with a $9 average price target.
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Based on Hydrogenics Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $2.65 million. In comparison, last year the company had a GAAP net loss of $1.95 million.
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Hydrogenics Corp. designs, develops and manufactures hydrogen generation and fuel cell products based on water electrolysis technology and proton exchange membrane technology. It operates through OnSite Generation and Power Systems segment.
