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Here’s Why Sunworks Shares Surged 615% Premarket

Sunworks logo
Simon Mugo

Shares of Sunworks Inc (NASDAQ: SUNW) today surged 615.5% premarket after as investors bought companies in the same industry as SPI Energy.

Investors wanted to replicate a move similar to the 4,000% rally seen in SPI energy after it announced that it would start developing electric vehicles and charging stations in California.

Sunworks makes photovoltaic cells that provide solar energy to homes and business across the US without any links to electric vehicles whatsoever.

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However, before branching out into electric vehicles, SPI Energy was an energy company very similar to Sunworks and this is what excited investors and short-term traders alike.

The stock has since given up most of its earlier gains and is now up about 300%, which may represent an excellent case of FOMO (fear of missing out) syndrome.

Sunworks share price

Tradingview chart of Sunworks share price 24092020

Sunworks stock today surged 615.5% premarket to trade at $8.30 having ended Tuesday’s session trading at $1.16 but later gave up some of its gains.

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Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.