H.C. Wainwright analyst Amit Dayal maintained a Buy rating on Orion Energy Systems (OESX) today and set a price target of $3.75. The company’s shares closed yesterday at $2.09, equals to its 52-week high of $2.09.
Dayal wrote:
“We are raising our price target on OESX to $3.75 from $1.75, driven by the recent momentum in order activity for the company that is compelling us to upwardly revise our forward projections (discussed in Valuation section on next page). the company has announced three contracts with the same customer that was not named for competitive reasons, totaling up to $110.0M that are expected to be completed by March 31, 2020. The company’s press release indicated that the project includes LED light fixture installations supported with Internet of Things (IoT) control integration, to improve operating functionality and deepen data gathering capabilities.”
According to TipRanks.com, Dayal is a 2-star analyst with an average return of 0.4% and a 46.1% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Advanced Emissions Solutions, Inc., Ballard Power Systems, and UQM Technologies Inc.
Orion Energy Systems has an analyst consensus of Strong Buy, with a price target consensus of $3.13.
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Based on Orion Energy Systems’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $662K. In comparison, last year the company had a GAAP net loss of $1.46 million.
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Orion Energy Systems, Inc. engages in the design, development, and trade of lighting systems and retrofit lighting solutions. It operates through the following segments: U.S. Markets; Engineered Systems and Distribution Services. The U.S. Markets segment produces and sells commercial lighting and energy management systems to the wholesale contractors.
