The Ascent Solar Technologies, Inc. (NASDAQ: ASTI) stock price soared 44.2% as of 7:30 EST despite the lack of recent news releases. Other solar power companies, including Sunlight Financial Holdings Inc (NASDAQ: SUNL), also posted significant gains.
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The rally could be attributed to positive investor sentiment towards companies operating in the solar industry, as witnessed in the rally by multiple solar companies. However, when looking at Ascent Solar’s rally, we can see that it is a solar cell manufacturer, unlike its peer Sunlight Financial.
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Over 18.57 million ASTI shares had changed hands at writing, demonstrating the significant investor interest in the company. The company’s last significant announcement was publishing its 10-Q quarterly report on August 9, 2023.
According to its quarterly report, Ascent Solar’s revenues for the three months ended 30 June 2023 was $86,385, marking a significant decline from the $627,571 recorded in a similar period last year. Its revenues for the six months to 30 June 2023 were $185,610 compared to $681,781 in the previous year.
Ascent Solar recorded a net loss of $3,913,472 in the three months to June 2023 compared to a net loss of $2,312,785 in Q2 2022. The net loss for the six months to June 2023 was $9,996,824 versus a net loss of $6,610,034 in the six months to June 2022.
Another recent news release from Ascent Solar Technologies was the bridge financing it secured on June 30, 2023, where it sold 900 preferred shares to inventors priced at $1,000 each to raise gross proceeds of $900,000. The money raised was to solidify the company’s financial position and fund its future growth.
The company also made significant changes to its executive team in May this year when it fired its former CEO, Jeffrey Max, and promoted Paul Warley, the CFO, to the top position. The company went further, appointing Jin Jo as CFO and Bobby Gulati as COO.
Therefore, while there is no direct driver behind today’s rally in ASTI stock, the main reason is that investor interest in the stock has skyrocketed, pushing its share price higher.
The Ascent Solar Technologies (ASTI) stock price.
The Ascent Solar Technologies (ASTI) stock price soared 44.20% to trade at $0.0969, from Wednesday’s closing price of $0.0672.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.