Solar Power, Inc. (OTCMKTS:SOPW) Continues To Be Volatile

The photovoltaic solar developer Solar Power, Inc. (OTCMKTS:SOPW) has been having a rough year. Back in July their stock was squashed trading for less than 5 cents and recovery seemed almost impossible due to the many financial troubles plaguing the company. In late August though their performance on the market did a massive shift and SOPW displayed a rather impressive climb resulting in a new 52-week high on October 21.

Despite plummeting considerably on a couple of occasions since then the ticker was managing to keep itself above 30 cents per share. Well, that is no more after yesterday’s horrendous session when SOPW opened nearly 6 cents lower than the previous close and continued to slide throughout the day finishing at $0.22. 

The amount of shares that got dumped on the market also skyrocketed passing 1 million compared to the 30 thousand from Monday. In early trading today the stock is even more volatile surging between its opening price of $0.22 to $0.3 just to plummet back down again.

Last week SOPW filed their financial report for the quarter ending September 30 and it may very well be the reason for the recent erratic behavior of the their stock. In the report the company disclosed the following financial results:

 

• $904 thousand cash
• $70 million total current assets
• $100 total current liabilities
• $21 million net sales
• $3.5 million net loss

 

For the 9 months that are covered by the report SOPW have managed to burn most of their 17 million cash reserves they had at the end of 2012. Revenues are also lower than the same period last year but they are considerably higher than the ones for the quarter ending June 30 this year thanks to the completion of their project in Greece. SOPW have also resumed their projects in New Jersey which may bring some much needed funds for the company.

For now SOPW is still a risky bet for investment. The solar power industry as a whole is having troubles and SOPW in particular have declining revenues and increasing net loss. The amount of outstanding shares is also getting alarmingly high with 198 million currently issued out of the 250 million authorized. 

Yesterday Bison Petroleum Corp. (OTCMKTS:BISN) continued sliding towards the bottom losing another 22% and closing at $0.7. Almost from the moment BISN started trading they were targeted by a $500 thousand promotion that at its high managed to push the stock to $1.7 per share.