The stock is leading the day in trading after it completed a $10 million project for the third quarter that will accelerate its activities and improve market conditions.
The solar power solutions provider for commercial, industrial, and agriculture, Sunworks Inc. (SUNW) was trading with a consistent trend during the last month before it took a huge spike by the end of September.
The shares of Sunworks has once again powered the bullish run in today’s trading session as the company announced that it has secured $10 million in new commercial and agriculture projects during the third quarter.
The company will be dealing with various projects during Q3 including a modular home site project worth $3.2 million that is based in Northern and Southern California, a $1.8 million project for a large agriculture customer. Moreover, a $1.4 million agriculture project for a new customer, along with sales of Cibao Meat Products with an aggregate amount of $0.7 million.
Shares of Sunworks skyrocketed 64% in the premarket on Wednesday and the trading volume was heavy at 15.3 million shares, making SUNW the second-most active stock ahead of the open.
As we write this at 12:44 P.M. EDT, SUNW was trading high at $4.19 up by nearly $50%. After making a strong move in the premarket the stock opened the trading at $4.59. This was almost double to the closing price of $2.80 in the prior trading session.
Optimistic Next Quarter
The company will be working on its latest project making its strongest quarterly booking activity since the COVID-19 pandemic began in early 2020. The sales include 19 existing and new customers and a total of more than 4.4 MW for installation.
The following projects will strengthen Sunworks’ growth during the third quarter and in the upcoming quarter, as most of its ACI sales activities have been delayed since March 2020 due to the COVID-19 pandemic. The company hopes that its recent project signings will continue the momentum into the fourth quarter.
The Chairman of Board of the company, Chuck Cargile stated that the increased sales activity will position the company in a good place for the next year. He added that the following project deals show the increasing demand for their solar solutions.
Earlier in August, Sunworks, Inc. (SUNW) made an agreement with The Peck Company Holdings to be bought by Peck. Cargile highlighted that it is important to carry strong momentum into the next quarter before they finalize their business merger deal with The Peck Company announced previously.
Sunworks, Inc. (SUNW) anticipates this deal with Peck will give them leverage against the combined synergies, helping the company in creating a broader solutions ecosystem having enhanced financial resources and a wider geographical reach. This would benefit the Sunworks’ shareholders, customers, and partners.