Ingalls & Snyder LLC Invests $162,000 in Polar Power, Inc. (NASDAQ:POLA)
Ingalls & Snyder LLC purchased a new position in Polar Power, Inc. (NASDAQ:POLA) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,500 shares of the utilities provider’s stock, valued at approximately $162,000.
Other large investors have also bought and sold shares of the company. Goldman Sachs Group Inc. increased its stake in Polar Power by 112.3% in the first quarter. Goldman Sachs Group Inc. now owns 25,475 shares of the utilities provider’s stock worth $211,000 after buying an additional 13,475 shares during the period. Spark Investment Management LLC acquired a new stake in Polar Power during the first quarter worth $131,000. Heartland Advisors Inc. acquired a new stake in Polar Power during the first quarter worth $1,245,000. Moloney Securities Asset Management LLC acquired a new stake in Polar Power during the first quarter worth $161,000. Finally, Russell Investments Group Ltd. increased its stake in Polar Power by 17.4% in the first quarter. Russell Investments Group Ltd. now owns 93,365 shares of the utilities provider’s stock worth $775,000 after buying an additional 13,832 shares during the period. 12.75% of the stock is owned by institutional investors and hedge funds.
Shares of Polar Power, Inc. (POLA) opened at 4.36 on Thursday. The company’s 50 day moving average is $5.31 and its 200-day moving average is $6.69. Polar Power, Inc. has a 1-year low of $4.12 and a 1-year high of $11.50. The company has a market capitalization of $44.22 million and a P/E ratio of 8.15.
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A number of equities research analysts recently weighed in on the stock. Roth Capital set a $7.00 price target on shares of Polar Power and gave the stock a “buy” rating in a research note on Wednesday, August 2nd. Zacks Investment Research raised shares of Polar Power from a “sell” rating to a “hold” rating in a research note on Thursday, June 29th.
About Polar Power
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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