HC Wainwright set a $3.00 price objective on UQM Technologies (NYSEAMERICAN:UQM) in a research note issued to investors on Friday. The firm currently has a buy rating on the industrial goods maker’s stock.
“We believe the company is at the cusp of migrating from pilot orders to meaningful commercial level sales with multiple customers. In line with this, we are raising our price target on UQM to $2.50, from $1.50 previously. Our upward price target revision is based on: (1) continued pace of strong YoY results, with company on track to grow revenues by over 70% in 2018; (2) available production capacity being doubled to prepare for ramp in orders; (3) improved operating leverage with investments in cost cutting and better asset utilization; and (4) a favorable adoption environment for electric propulsion systems.”,” the firm’s analyst commented.
UQM traded down $0.06 during trading on Friday, reaching $1.22. 104,000 shares of the stock were exchanged, compared to its average volume of 124,054. UQM Technologies has a twelve month low of $0.89 and a twelve month high of $1.79.
UQM Technologies (NYSEAMERICAN:UQM) last issued its earnings results on Wednesday, October 31st. The industrial goods maker reported ($0.02) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.01. The firm had revenue of $4.39 million for the quarter, compared to analyst estimates of $3.53 million. During the same quarter in the previous year, the firm posted ($0.03) earnings per share.
Institutional investors and hedge funds have recently modified their holdings of the stock. PVG Asset Management Corp acquired a new position in UQM Technologies during the second quarter worth $145,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of UQM Technologies in the second quarter valued at $324,000. Finally, BlackRock Inc. increased its holdings in shares of UQM Technologies by 9.8% in the second quarter. BlackRock Inc. now owns 1,549,971 shares of the industrial goods maker’s stock valued at $1,550,000 after purchasing an additional 138,003 shares during the last quarter.
About UQM Technologies
UQM Technologies, Inc, together with its subsidiaries, develops, manufactures, and sells electric motors, generators, power electronic controllers, and fuel cell compressors in the United states and internationally. The company offers propulsion motors and generators, auxiliary motors, and electronic controls and DC-to-DC converters for electric, hybrid electric, plug-in hybrid electric, and fuel cell applications.
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