Sunworks (NASDAQ: SUNW) Stock Is Soaring Today. Here’s Why

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Sunworks, Inc. (NASDAQ: SUNW) has shown strong performance on Wednesday session as its stock soared 45%. The strong performance of Sunworks highlighted the positive sentiments by investors after the company disclosed that it has received $10 million of new commercial and agriculture projects in the third quarter. This is the strongest quarterly booking activity of the company since the start of the COVID-19 pandemic in early 2020.

The company revealed that the orders come from 19 existing and new customers and it includes the installation of more than 4.4 million megawatts. California based company has unveiled that the new projects it has received in the third-quarter comprised 3.2 million for modular-home sites in Northern and Southern California. Agriculture projects consist of $1.8 million for a follow-on project from a large customer and $1.4 million from a new customer.

For the follow-on sale of Cibao Meat Products in the Northeast the total amount is $700,000. It will include the building of 154kW a parking canopy that will include 8 EV charging stations. Sunworks Chairman Chuck Cargile revealed that much of the company’s agriculture, commercial and industrial sales activities were halted due to the ongoing pandemic.

But in the third quarter, the company’s team worked hard and assured its investors that this is the right time to invest in solar and get benefits from the incentives currently offered. The company disclosed that the huge volume of sales in the third quarter was booked in the last week of September. Sunworks is positive that its strong performance will continue in the fourth quarter as the company has received two major projects in the first week of October.

The company’s Chairman revealed that the strong performance of the company has shown that the demands for its solar solutions specifically among agriculture and commercial customers will continue to increase in the future.

Sunworks, Inc. (NASDAQ: SUNW) shares were trading up 45.00% at $4.06 at the time of writing on Wednesday Sunworks, Inc. share price went from a low point around $0.29 to briefly over $8.50 in the past 52 weeks. SUNW market cap has remained high, hitting $66.87 million at the time of writing. Looking at its liquidity, it has a current ratio of 1.30.

 

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