Generac Holdings GNRC stock confirmed a Resurrection CrossWhen the 50 day moving average crosses above the 200 day moving average, it is called a Resurrection Cross. Conversely, when the 50 day moving average crosses below the 200 day mov... on July 10, 2023. We think this may be sector rotation into Industrial stocks. GNRC stock looks like a classic turnaround play on the daily chart. The company over built supply coming out of the COVID pandemic because it was hard to get parts. They expect to work through that excess inventory early in the second half of 2023.
A dark pool trade occurred in GNRC stock on June 23, 2023. We think the $61 million dak pool trade was buying because GNRC stock rose after the trade hit the tape.
Make sure to review this lesson on dark pool trading so that you understand the chart above.
Generac Holdings is a leading manufacturer of power generation equipment and solutions. The company designs, manufactures, and distributes a wide range of backup power generators, transfer switches, and other related products. Generac’s generators are used in residential, commercial, and industrial applications to provide reliable power during outages or in remote locations where grid power is not available. The company also offers energy storage systems, solar power products, and other power management solutions. Generac is known for its innovation, quality, and expertise in the power generation industry.
Generac upgraded at Argus
Generac was upgraded on July 11, 2023, by Argus analyst Kristina Ruggeri from Hold to Buy with a $155 price target. The company has benefited from stronger-than-expected growth in its commercial and industrial business. The company has also made progress in lowering excess inventories of residential stand-by generators at retail partners. Cost-cutting initiatives and lower input costs are also helping Generac, and by the end of the year, these developments should lead to a meaningful increase in salesThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... and margins.
Generac price target lowered at BofA
After making estimate changes, BofA lowered the price target for Generac on July 6, 2023, from $95 to $90 while maintaining an Underperform rating on the stock. Despite headlines, BofA informs investors that despite an increase in mentions of power outages, the outage data is milder than perception would imply and the most recent peak in outages is within historical ranges. The company continues to be cautious about Generac’s outlook and claims that the risk/reward ratio is negatively skewed against an unjustified share price increase and no fundamental changes.
