Power Solutions International (NASDAQ:PSIX) Shares Down 6.6% – Here’s Why

Power Solutions International Inc (NASDAQ:PSIX)’s stock price dropped 6.6% during mid-day trading on Wednesday . The stock traded as low as $29.45 and last traded at $29.85. Approximately 170,251 shares were traded during trading, a decline of 49% from the average daily volume of 331,603 shares. The stock had previously closed at $31.96.

Power Solutions International Stock Performance

The stock has a market capitalization of $678.04 million, a price-to-earnings ratio of 12.49 and a beta of 1.04. The company has a 50 day simple moving average of $35.37.

Power Solutions International (NASDAQ:PSIX) last announced its earnings results on Monday, March 24th. The company reported $1.03 EPS for the quarter. Power Solutions International had a return on equity of 293.35% and a net margin of 12.46%. The firm had revenue of $144.30 million for the quarter.

Insiders Place Their Bets

In other news, major shareholder Gary S. Winemaster sold 17,983 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $36.84, for a total transaction of $662,493.72. Following the completion of the transaction, the insider now owns 2,981,119 shares of the company’s stock, valued at $109,824,423.96. This represents a 0.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Power Solutions International

Hedge funds and other institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN acquired a new stake in shares of Power Solutions International in the fourth quarter worth $33,000. Heck Capital Advisors LLC acquired a new stake in Power Solutions International in the 4th quarter valued at $94,000. Spire Wealth Management acquired a new stake in Power Solutions International in the 4th quarter valued at $96,000. Astoria Portfolio Advisors LLC. acquired a new position in shares of Power Solutions International during the fourth quarter worth about $216,000. Finally, Evernest Financial Advisors LLC purchased a new stake in shares of Power Solutions International in the fourth quarter worth about $223,000. 22.28% of the stock is owned by institutional investors and hedge funds.

About Power Solutions International

Power Solutions International, Inc engages in the design, manufacture, and trade of power systems and electrical power generation equipment. The firm provides integrated turnkey solutions to global original equipment manufacturers and end-user customers within the energy, industrial, and transportation end markets.