Sunworks News: Why SUNW Stock Is Soaring Today

Shares of Sunworks (NASDAQ:SUNW) stock are skyrocketing on Wednesday following a promising business update.

Rows of solar panels are lined up around a center aisle.
Source: Shutterstock

The solar power solutions provider announced that it signed $10 million in new commercial and agriculture projects during the third quarter. Sunworks also notes that it achieved $3.6 million in projects signed during the final week of the period.

Overall, this represents the strongest quarterly booking activity for the company since the novel coronavirus pandemic began.

According to the release, the sales include 19 existing and new customers. The projects feature:

  • $3.2 million for modular home sites in both Northern and Southern California
  • $1.8 million follow-on project for a large agriculture customer
  • $1.4 million project for a new agriculture customer
  • A follow-on sale totaling $0.7 million in the Northeast for Cibao Meat Products

Chuck Cargile, Chairman of the Board of Sunworks, had this to say about the SUNW stock news:

“During the third quarter, our team worked diligently, encouraging customers to finalize their decision to invest in solar and take advantage of the various incentives currently offered. The most notable volume of third quarter sales were booked in the last week of September, and we are optimistic this momentum will continue into the fourth quarter as we signed two more large projects in the first week of October. The increased sales activity positions us well for 2021 and demonstrates the continued demand for our solar solutions, particularly among agriculture and commercial customers.”

The Sunworks news had SUNW stock up more than 50% as of Wednesday afternoon.

On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. 

Nick Clarkson is a web editor at InvestorPlace.


Article printed from InvestorPlace Media, https://investorplace.com/2020/10/sunworks-news-why-sunw-stock-is-soaring-today/.

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