Ascent Solar shares jump
Shares of Ascent Solar Technologies Inc. jumped Wednesday on news that the solar company signed a multiyear supply agreement with TurtleEnergy LLC, a New Jersey-based photovoltaic systems integrator.
Ascent Solar shares rose $1.22, or 17.4 percent, to $8.22 in afternoon trading.
On Wednesday the company said it has agreed to deliver up to 67 megawatts of its high-efficiency flexible CIGS photovoltaic modules - or solar cells made from copper, indium, gallium and selenium - during the five-year contract period. Shipping is scheduled to begin early next year.
Rodman & Renshaw analyst Amit Dayal said he is encouraged by the company's updates on building integrated photovoltaic supply agreement developments.
"These are good indications for the market's reception of Ascent Solar's technology," Dayal said.
Dayal maintained a rating of "Market Outperform" and a $10 price target.
ForbesLabels: Ascent Solar Technologies Inc., ASTI, Solar News, Solar Stocks
PMorgan Solar Picks (ENER, ESLR, FSLR, ASTI, SPWRA)
JPMorgan has decided to make some key solar ratings changes this morning. The firm is cautious on the valuation of some in the position of a declining market trend right now, but there are some key takeaways here that are up as well. Energy Conversion Devices, Inc. (NASDAQ: ENER) and Evergreen Solar Inc. (NASDAQ: ESLR) are up, while shares of First Solar Inc. (NASDAQ: FSLR) are getting slapped on this call today.
Ascent Solar Technologies Inc. (NASDAQ: ASTI) was upgraded to Neutral from Underweight; no trade indications have been seen as this is a low-imapct change. Energy Conversion Devices, Inc. (NASDAQ: ENER) was initiated with an Overweight; shares are trading up 4%. Evergreen Solar Inc. (NASDAQ: ESLR) was the surprise winner as it was upgraded to Overweight from Underweight; its shares are up 10% at almost $2.40 in pre-market trading. SunPower Corporation (NASDAQ: SPWRA) was also upgraded, but only to “Neutral” from Underweight; no trade indications have been yet.
The standout in the group is unfortunately the leader of the whole solar sector. First Solar Inc. (NASDAQ: FSLR) downgraded to Neutral from Overweight. Shares are still seeing thin volume but are indicated down 2% at $152.00.
sourceLabels: Ascent Solar Technologies Inc., ASTI, ENER, Energy Conversion Devices Inc, ESLR, Evergreen Solar, First Solar Inc, FSLR, Solar Ratings, Solar Stocks, SPWRA, SunPower Corp
