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Aug. 19, 2021, 8:30 a.m. EDT

Underappreciated Solar Stocks Could be Ripe for the Picking (SOL, GSFI, MAXN, SUNW, ASTI, NOVA)

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Sunworks Inc /zigman2/quotes/208800639/composite SUNW -3.23% bills itself as a company that engages in the provision of photovoltaic based power systems for the residential, commercial, and agricultural markets. Its services include design, system engineering, procurement, project installation, construction, grid connection, warranty, system monitoring, and maintenance.

This is a potentially undervalued name that hasn't received much attention despite some interesting strategic moves over recent months helping to fuel growth.

Sunworks Inc /zigman2/quotes/208800639/composite SUNW -3.23% recently announced financial results for the second quarter ended June 30, 2021. On April 8, 2021, Sunworks, acquired Solcius, LLC, a privately held, rapidly growing residential solar company, for $51.8 million, creating a national solar power provider with a presence in 12 states. The financial results for the second quarter, including revenue of $32.1 million compared to $9.7 million in the second quarter last year, include the operating results of Solcius, since the acquisition, with no corresponding contribution in the year-ago period.

"With the integration of Solcius largely completed, we have made meaningful progress in improving all facets of our organization," commented Gaylon Morris, Chief Executive Officer of Sunworks. "Solcius now processes all new residential projects, and we are benefiting from their scale and expertise. The increased availability of batteries is enabling us to process several jobs that have been held in backlog since 2020. Additionally, Solcius is now offering battery storage as an add-on in all markets, giving consumers a more comprehensive solution and increasing our revenue opportunity. We have expanded to the Laredo, Texas market and plan to expand into Dallas in September and Houston by the end of the year. In line with trends in this market, we are anticipating strong year-over-year growth in residential revenue."

While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn't been the type of action SUNW shareholders really want to see. In total, over the past five days, shares of the stock have dropped by roughly -8% on above average trading volume. All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -17%.

Sunworks Inc /zigman2/quotes/208800639/composite SUNW -3.23% managed to rope in revenues totaling $6.2M in overall sales during the company's most recently reported quarterly financial data - a figure that represents a rate of top line growth of -50.1%, as compared to year-ago data in comparable terms. In addition, the company has a strong balance sheet, with cash levels exceeding current liabilities ($82.8M against $16.7M).

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The post Underappreciated Solar Stocks Could be Ripe for the Picking (SOL, GSFI, MAXN, SUNW, ASTI, NOVA) appeared first on Wall Street PR .

COMTEX_391842707/2770/2021-08-19T08:30:11

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/zigman2/quotes/208800639/composite
US : U.S.: Nasdaq
$ 1.80
-0.06 -3.23%
Volume: 914,863
June 27, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$61.11 million
Rev. per Employee
$197,953
loading...
/zigman2/quotes/208800639/composite
US : U.S.: Nasdaq
$ 1.80
-0.06 -3.23%
Volume: 914,863
June 27, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$61.11 million
Rev. per Employee
$197,953
loading...
/zigman2/quotes/208800639/composite
US : U.S.: Nasdaq
$ 1.80
-0.06 -3.23%
Volume: 914,863
June 27, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$61.11 million
Rev. per Employee
$197,953
loading...

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