Polar Power, Inc. (POLA) Posts Earnings Results, Misses Estimates By $0.06 EPS
Polar Power, Inc. (NASDAQ:POLA) released its quarterly earnings results on Monday. The utilities provider reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.06), Bloomberg Earnings reports. The firm had revenue of $3.03 million for the quarter, compared to analysts’ expectations of $4.65 million. The firm’s revenue for the quarter was down 59.6% compared to the same quarter last year.
Polar Power (POLA) traded up $0.04 during midday trading on Monday, hitting $5.21. 37,728 shares of the stock were exchanged, compared to its average volume of 47,563. Polar Power has a 52 week low of $4.12 and a 52 week high of $11.50. The company has a quick ratio of 24.67, a current ratio of 32.52 and a debt-to-equity ratio of 0.01.
A number of analysts have recently issued reports on the stock. Roth Capital set a $7.00 price objective on shares of Polar Power and gave the stock a “buy” rating in a report on Sunday, October 15th. Zacks Investment Research downgraded shares of Polar Power from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th.
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An institutional investor recently raised its position in Polar Power stock. Vanguard Group Inc. lifted its stake in shares of Polar Power, Inc. (NASDAQ:POLA) by 125.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 72,306 shares of the utilities provider’s stock after acquiring an additional 40,237 shares during the period. Vanguard Group Inc. owned approximately 0.71% of Polar Power worth $384,000 as of its most recent SEC filing. Institutional investors and hedge funds own 7.11% of the company’s stock.
Polar Power Company Profile
Polar Power, Inc is engaged in designing, manufacturing and selling direct current (DC) power systems for applications primarily in the telecommunications, military, electric vehicle charging, cogeneration, distributed power and uninterruptable power supply markets. Within the telecommunications market, the Company’s DC power systems provide DC power to service applications that do not have access to the utility grid (such as off-grid applications) or have critical power needs and cannot be without power in the event of utility grid failure (such as back-up power applications).
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