Sunworks, Inc. (SUNW): Why Its Shares Are Up 3.36 Percent Today?

Today’s big question for investors is, “what’s going on with Sunworks, Inc. (NASDAQ:SUNW) stock? Its price is jumping 0.02 points, trading at $0.55 levels, and is up 3.36% from its previous close of $0.53. The shares seem to have an active trading volume day with a reported 229584 contracts so far this session. SUNW shares had a relatively better volume day versus average trading capacity of 1.25 million shares, but with a 24.02 million float and a -3.62% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for SUNW stock indicates that the average analyst price target is $1.4 per share. This means the stock has a potential increase of 154.55% from where the SUNW share price has been trading recently which is between $0.5002 and $0.551. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $1.4.

The shorts are running away from Sunworks, Inc. (SUNW) stock. The latest set of short interest data was released on 28 June 2019, and the numbers show a drop in short interest in SUNW shares. While short interest still represents only 5% of SUNW’s float, the number of shares shorted have fallen by -382673. The number of shares shorted fell to 817187 shares, down from 1199860 shares during the preceding fortnight. With average daily trading volumes at 658382 shares, days to cover decreased to about 3.165448 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Sunworks and Bright Power Announce Rooftop Solar Project for Northern California Residential Complex” and dated July 11, 2019.

During the recent trading session for Sunworks, Inc. (NASDAQ:SUNW), the company witnessed their stock rise $0.02 over a week and tumble down $-0.2 from the price 20 days ago. When compared to their established 52-week high of $1.97, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 07/05/19. The recent low of $0.25 stood for a -72.19% since 12/31/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 2.8 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Sunworks, Inc., the two-week RSI stands at 34.36. This figure suggests that SUNW stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current SUNW readings is similarly very revealing as it has a stochastic reading of 15.63% at this stage. This figure means that SUNW share price today is being overbought.

Technical chart claims that Sunworks, Inc. (SUNW) would settle between $0.55/share to $0.58/share level. However, if the stock price goes below the $0.5 mark, then the market for Sunworks, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $0.48 for its downside target.

Analysts at ROTH Capital, assumed coverage of SUNW assigning Neutral rating, according to their opinion released on June 27. Chardan Capital Markets analysts have lowered their rating of Sunworks, Inc. (NASDAQ:SUNW) stock from Buy to Neutral in a separate flash note issued to investors on March 13. Analysts at Chardan Capital Markets, made their first call for the equity with a Buy recommendation, according to a research note that dated back to August 04.

SUNW equity has an average rating of 2, with the figure leaning towards a bullish end. 1 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 1 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 1 analysts rated Sunworks, Inc. (NASDAQ:SUNW) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, SUNW stock price is currently trading at 13.25X forward 12-month Consensus EPS estimates, and its P/S ratio is 0.21 while for the average stock in the same group, the multiple is 5.91.

Sunworks, Inc. (SUNW)’s current-quarter revenues are projected to climb by nearly -4.95% to hit $19 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over -3.05% from $70.96 million to a noteworthy $68.8 million. At the other end of the current quarter income statement, Sunworks, Inc. is expected to see its adjusted earnings surge by roughly 100% to hit $0 per share. For the fiscal year, SUNW’s earnings are projected to climb by roughly -21.43% to hit $-0.17 per share.