Andalay Solar, Inc., f/k/a Westinghouse Solar Inc. (OTCMKTS:WEST) Pulls Ahead
Friday’s session saw the stock of Andalay Solar, Inc., f/k/a Westinghouse Solar Inc. (OTCMKTS:WEST) rise significantly to close the day 58% up, stopping at $0.05 per share by the bell. The reasons for the sudden run are not too clear.
It’s really difficult to say what got traders excited enough to shift over 10 million WEST shares. This summer the company announced that an acquisition deal with Australian CBD Energy was canceled due to repeated delays. This in turn caused ‘disruption’ in supplier relationships and revenues took a hit, according to the company’s statements.
The most current filing from the company made public last week informed of their name change from Westinghouse Solar. In addition to being stripped of the recognizable Westinghouse brand name, the company announced that it has past due license fees of $882 thousand for using the name in 2012 and 2013. The balance sheet of WEST does not look too exciting either. Here is what the company had to show as of its last quarterly report dated June 2013:
- $216 thousand in cash
- $5.3 million in current liabilities
- $211 thousand in revenues for Jan-Jun 2013
- $1.4 million in net loss for Jan-Jun 2013
All in all, the company’s balance sheet has not improved in any meaningful way since we last looked at them in early 2013, when they surged again, only to crash within a couple of days, except for a further dip in revenues, explained with the supplier disruption due to the canceled acquisition. The company voted an increase in authorized shares from 100 million to 500 million only a couple of weeks ago, possibly to accommodate future dilution. Considering the sudden surge in price and the unfavorable situation the company is in right now, investors are advised to be very careful and do their own due diligence before making any decisions.
Other big penny movers from Friday’s session include Pacific Clean Water Technologies, Inc., f/k/a Unseen Solar, Inc. (OTCMKTS:PCWT) – the latest Awesome Penny Stocks pump job, who finally took off and closed 13% up, arriving at $0.25 per share. Sigma Labs, Inc. (OTCMKTS:SGLB) moved to the top of the volume charts but dropped over 17% on Friday.
