Orion Energy Systems (NASDAQ:OESX) Shares Up 7.4% After Strong Earnings

Orion Energy Systems, Inc. (NASDAQ:OESX) shot up 7.4% during mid-day trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $2.93 and last traded at $2.92, 577,279 shares were traded during mid-day trading. An increase of 76% from the average session volume of 327,190 shares. The stock had previously closed at $2.72.

The electronics maker reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.11. The firm had revenue of $42.38 million during the quarter, compared to analysts’ expectations of $26.90 million. Orion Energy Systems had a negative return on equity of 34.63% and a negative net margin of 10.15%.

OESX has been the subject of several recent analyst reports. ValuEngine upgraded Orion Energy Systems from a “hold” rating to a “buy” rating in a research note on Monday, May 20th. HC Wainwright boosted their target price on Orion Energy Systems from $3.75 to $4.50 and gave the stock a “buy” rating in a research note on Wednesday, June 5th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Orion Energy Systems currently has an average rating of “Buy” and an average target price of $2.12.

In other Orion Energy Systems news, CEO Michael W. Altschaefl bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average price of $2.87 per share, for a total transaction of $28,700.00. Following the completion of the purchase, the chief executive officer now directly owns 566,076 shares in the company, valued at $1,624,638.12. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have purchased 18,500 shares of company stock valued at $52,780. 11.90% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. North Star Investment Management Corp. lifted its stake in Orion Energy Systems by 15.5% during the first quarter. North Star Investment Management Corp. now owns 3,534,300 shares of the electronics maker’s stock worth $3,130,000 after purchasing an additional 474,552 shares during the last quarter. Penbrook Management LLC lifted its stake in Orion Energy Systems by 1.2% during the first quarter. Penbrook Management LLC now owns 675,750 shares of the electronics maker’s stock worth $598,000 after purchasing an additional 8,300 shares during the last quarter. Bailard Inc. purchased a new stake in Orion Energy Systems during the second quarter worth approximately $91,000. Finally, Hillsdale Investment Management Inc. purchased a new stake in Orion Energy Systems during the second quarter worth approximately $899,000. Institutional investors own 34.50% of the company’s stock.

The business has a 50 day moving average of $2.93. The firm has a market cap of $96.36 million, a PE ratio of -12.70 and a beta of 2.02. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.51.

About Orion Energy Systems (NASDAQ:OESX)

Orion Energy Systems, Inc researches, designs, develops, manufactures, implements, markets, and sells energy management systems for the commercial office and retail, area lighting, and industrial markets in North America. The company operates in three segments: Orion U.S. Markets Division, Orion Engineered Systems Division, and Orion Distribution Services Division.

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