U.S. Markets open in 3 hrs 34 mins
  • S&P Futures

    +2.50 (+0.05%)
  • Dow Futures

    +19.00 (+0.05%)
  • Nasdaq Futures

    +13.50 (+0.08%)
  • Russell 2000 Futures

    +1.20 (+0.05%)
  • Gold

    -0.20 (-0.01%)
  • Silver

    -0.02 (-0.08%)

    -0.0006 (-0.0568%)
  • 10-Yr Bond

    -0.0150 (-0.94%)
  • Vix

    +0.48 (+2.81%)

    -0.0003 (-0.0216%)

    +0.0520 (+0.0455%)

    -131.01 (-0.23%)
  • CMC Crypto 200

    -65.80 (-4.48%)
  • FTSE 100

    -35.24 (-0.48%)
  • Nikkei 225

    +84.43 (+0.29%)

Generac (GNRC) Buys Deep Sea Electronics, Eyes Controls Market

·3 min read

Generac Holdings Inc. GNRC has acquired Deep Sea Electronics Limited for an undisclosed amount.

Headquartered in Hunmanby, the U.K., Deep Sea Electronics is a leading global manufacturer of generator controllers, automatic transfer switch controllers, battery chargers, and vehicle and off-highway controllers. It sells products in more than 150 countries through a comprehensive distributor network.

Closed on Jun 1, the acquisition strengthens Generac’s engineering and control capabilities which will support the innovation of its products to meet the needs of customers. Deep Sea Electronics’ prowess will boost Generac’s focus on natural gas power generation and is expected to help it foray into microgrid applications.

The buyout will help Generac advance its product roadmap while it continues to participate in the ongoing evolution of the world’s electrical grid. It will expand Generac’s internal capacity in the field of Controls and Automation, and accelerate its growth into the distributed energy resource and microgrid market.

In January 2021, Generac established a new business organization as part of its ‘Powering Our Future’ strategy. Named Energy Technology (“ET”), the organization comprises all Generac’s businesses, which mainly focus on products or services related to storage and energy management products. The ET organization serves as the operating platform for potential acquisitions in the energy technology industry.

Generac’s shares have soared 186.8% in the past year compared with 93.2% growth of the industry. This Waukesha, WI-based company delivered a trailing four-quarter earnings surprise of 26.1%, on average.

Zacks Investment Research
Zacks Investment Research

Image Source: Zacks Investment Research

The stock currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the broader industry are Cambium Networks Corporation CMBM, Altice USA, Inc. ATUS and Vicor Corporation VICR, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Cambium delivered a trailing four-quarter earnings surprise of 46.5%, on average.

Altice delivered a trailing four-quarter earnings surprise of 61.5%, on average.

Vicor delivered a trailing four-quarter earnings surprise of 80.6%, on average.

Zacks Names “Single Best Pick to Double”

From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.

You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.

Free: See Our Top Stock and 4 Runners Up >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Generac Holdings Inc. (GNRC) : Free Stock Analysis Report

Altice USA, Inc. (ATUS) : Free Stock Analysis Report

Vicor Corporation (VICR) : Free Stock Analysis Report

Cambium Networks Corporation (CMBM) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research