Solar Power, Inc. (OTCMKTS:SOPW) Recovers on Strong Support
On Monday Solar Power, Inc. (OTCMKTS:SOPW) managed to improve two of their own records. The stock reached a new 52 week high of $0.265 and the traders showed so much interest in the company that they managed to shift nearly 3.5 million shares, a number that hadn’t been seen for the past two years.
Immediately after this amazing performance though came a correction of about 26% when portion of the traders decided to take some quick gains. The price was brought down to $0.18 just to bounce back again during yesterday’s session. Currently sitting at $0.24 it may try to climb even further up.
Ignoring all the enthusiasm recently shown by the market the company is still 50% down from the price per share it held in early 2012. The financial results of the photovoltaic solar developer have declined dramatically. What was once a positive working capital of $60 million has turned into a $10 million deficit as of the second quarter of 2013. Revenues have dropped by $20 million and now amount to $4.1 million. Net loss for the period has tripled when compared to the $2 million from the same period last year.
SOPW has been able to finish its solar projects in Greece and in New Jersey but is having difficulties collecting its payments. By September 30 they were supposed to repay all of the outstanding amount of their $7 million loan from Cathay Bank. With no official update we have no way of knowing whether they managed to complete the transaction or not.
Despite being owned by the NYSE-listed LDK Solar Co., Ltd., SOPW represents a rather risky bet for your investments. Until the next financial report has been filed it is best to use caution and plan your investments accordingly.
The Awesome Penny Stocks pump for Pacific Clean Water Technologies, Inc. f/k/a Unseen Solar, Inc. (OTCMKTS:PCWT) lost some steam yesterday when the stock slid down by 4% and closed at $0.26. The pump for Cloud Security Corp (OTCBB:CLDS) is also unable to create any positive movement for the stock. Despite setting up a hard mailer distribution CLDS lost another 13% and now trades for $0.53 per share.
