In a report released today, Colin Rusch from Oppenheimer downgraded Ideal Power (IPWR) to Hold. The company’s shares opened today at $0.39, close to its 52-week low of $0.38.
Rusch said:
“With IPWR’s battery business continuing to push out and not yet showing traction and the company indicating it was evaluating strategic alternatives, we are downgrading shares based on uncertainty in the business model and ~4 quarters of cash burn remaining on balance sheet. We continue to believe IPWR has a compelling product in this area which could see traction. More important, we believe the company’s bi- directional IGBT and B-TRAN technology are likely to prove key elements of EV/PHEV and charging station designs. We believe IPWR’s technology enabling incremental efficiency in bi-directional power flow and reduction in form factor size are critical levers for successful product designs. We step to the sidelines as the company goes through its strategic process.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 8.7% and a 45.6% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Amer Superconductor, and Canadian Solar Inc.
The word on The Street in general, suggests a Hold analyst consensus rating for Ideal Power.
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Based on Ideal Power’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $1.72 million. In comparison, last year the company had a GAAP net loss of $2.22 million.
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Ideal Power, Inc. engages in the development of power converter solutions for photovoltaic generation, grid-storage and electrified vehicle charging. Its products include solar inverters, bi-directional battery, electric vehicle chargers, photovoltaic inverters and battery converters.
