Solar Power, Inc. (OTCMKTS:SOPW) Back on the Green Track
Yesterday Solar Power, Inc. (OTCMKTS:SOPW) revved it up again and managed to log a 21% green close. The ticker gained six cents and stopped at $0.34 per share on share volume that swelled to over 1.5 million shares once again.
SOPW closed at a 52-week high on October 21 but the peak was short-lived. After wobbling along a comparable level for a few sessions, the price tumbled in a series of sharp drops that left it over 40% lower. The four consecutive red sessions happened on increasingly heavier share volumes and each pushed the price down by a larger percentage.
Last Friday SOPW reversed just as quickly and gained a fifth after bottoming at $0.22 per share. Monday was uneventful but yesterday brought another volume spike and the price climbed once again. SOPW‘s situation is not exactly rosy, as the latest quarterly the company filed contained some depressing numbers. Cash assets had been chewed through compared against late 2012 and revenues had taken a heavy slip on a year-over-year basis.
Despite the unpleasant figures in the report, SOPW managed to win the support of investors by announcing plans of aligning operations with LDK Solar, their parent company and a NYSE-listed entity, and making moves into the Chinese markets, making use of the VAT returns for solar businesses announced in the country.
The next report from SOPW should be coming next week and it will show whether the company has started improving its bottom line.
Other heavy dollar volume movers from yesterday’s session include Nanotech Entertainment, Inc. (OTCMKTS:NTEK) who only moved 1% down despite shifting 8.4 million shares. Globalstar, Inc. (OTCMKTS:GSAT) maintained their strong run in the wake of FCC developments related to GSAT‘s satellite spectrum and closed nearly 5% up again.
