The stock of Sunworks, Inc. (NASDAQ:SUNW) is now priced at $0.9 and the shares are 0.2 points up or 27.68% higher compared to its previous closing price of $0.7. The stock had 23.356 million contracts set over the past session. SUNW shares’ daily volume is compared to its average trading volume at 3.899 million shares. However, it has a float of 16.54 million and although its performance was 7.1% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the SUNW share price recently placing at $0.71 to $1.15. However, some brokerage firms have priced the stock below the average, including one that has called $0.8.
The shorts are climbing into the Sunworks, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the SUNW shares have risen. Short interest in the stock represents just 3.13% of its float, but the volume has raised by 147939. The volume of shorted shares rised to 517254 from 369315 shares over the last two weeks. The average intraday trading volume has been 7.107 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Sunworks, Inc. (NASDAQ:SUNW) raised by $0.0597 over the week and lost -$0.06 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $4.1. The stock recorded its established 52-week high on 10/24/19.
Since 04/06/20, the stock has traded to a low of $0.29 at 210.34%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 3.22. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Sunworks, Inc.’s two-week RSI is 45.77. This suggests that the stock is neutral at the moment and that SUNW shares’ price movement remains stable. The stochastic readings are equally revealing at 9.7% meaning the SUNW share price is currently in overbought territory.
The technical chart shows that the SUNW stock will likely settle at between $1.13 and $1.36 per share. However, if the stock dips below $0.69, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.48.
Currently, the stock is trading in the red of MACD, with a reading of -0.1618. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at ROTH Capital cut their recommendation for SUNW from Buy to Neutral in April 02 review. ROTH Capital analysts see the stock as a Neutral with a target price of $2.5 in a flash note released to investors on June 27 initiating covering the stock. Chardan Capital Markets seeing the stock struggling downgraded it from Buy to Neutral on March 13.
The average rating for the SUNW equity is 3 and is currently gathering a bullish momentum. Of 1 analysts tracking Sunworks, Inc. polled by Reuters, 1 rated SUNW as a hold. The remaining 0 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 73.1. Sunworks, Inc. has its P/E ratio at 1.8, which means that the stock is currently trading at a discount relative to the 4.2 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Sunworks, Inc. (NASDAQ:SUNW) will decrease by about -99.87%, which will see them reach $12.4 million. The company’s full-year revenues are, however, expected to diminish by about -20.44%, down from $59.83 million to $47.6 million. SUNW’s expected adjusted earnings should drop almost -80.77% to end up at -$0.05 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -61.35% to record -$0.8/share.