JPMorgan Chase & Co. Issues Pessimistic Forecast for ERock (NYSE:EROC) Stock Price

Key Points

• JPMorgan lowered ERock’s price target from $21 to $18 while maintaining an “overweight” rating, implying roughly 102% upside from the stock’s $8.90 price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $21.75, despite some target reductions and one hold and one sell rating.
• ERock reported a quarterly loss of $0.06 per share, beating estimates by $0.25, while revenue of $39.88 million exceeded expectations; institutional investors also recently initiated several positions.

ERock (NYSE:EROC - Get Free Report) had its price target dropped by research analysts at JPMorgan Chase & Co. from $21.00 to $18.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 102.25% from the company's current price.

Several other research analysts have also recently weighed in on EROC. Evercore assumed coverage on shares of ERock in a report on Monday, July 6th. They issued an "outperform" rating and a $28.00 price target on the stock. Bank of America raised ERock from a "neutral" rating to a "buy" rating and set a $16.00 price objective for the company in a research note on Friday, July 17th. BNP Paribas Exane set a $22.00 target price on ERock and gave the stock an "outperform" rating in a research report on Monday, July 6th. Guggenheim decreased their target price on ERock from $23.00 to $20.00 and set a "buy" rating on the stock in a research note on Wednesday, September 2nd. Finally, Zacks Research raised ERock to a "hold" rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $21.75.

ERock Stock Performance

Shares of ERock stock traded down $0.39 during trading hours on Monday, reaching $8.90. The company had a trading volume of 2,274,262 shares, compared to its average volume of 2,536,319. ERock has a one year low of $8.73 and a one year high of $20.70. The business has a fifty day moving average price of $12.57. The company has a market cap of $428.71 million and a price-to-earnings ratio of -148.33.

ERock (NYSE:EROC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $39.88 million for the quarter, compared to analysts' expectations of $26.45 million. As a group, equities research analysts predict that ERock will post -0.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ERock

A number of hedge funds and other institutional investors have recently modified their holdings of EROC. Q Fund Management Hong Kong Ltd bought a new position in shares of ERock during the 3rd quarter valued at about $510,000. Engineers Gate Manager LP bought a new stake in ERock in the 2nd quarter worth approximately $515,000. Counterpoint Mutual Funds LLC bought a new stake in ERock in the 3rd quarter worth approximately $617,000. Kayne Anderson Capital Advisors LP purchased a new stake in ERock in the second quarter worth approximately $710,000. Finally, Readystate Asset Management LP purchased a new stake in ERock in the second quarter worth approximately $725,000.

About ERock

ERock Inc provide onsite power solutions. ERock Inc is based in HOUSTON.

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