Solar Stocks Gain momentum
from analysts (Cboe: $SING) (NASDAQ: $FSLR) (NASDAQ: $ARRY) (NASDAQ: $NXT) @_Singlepoint_ @FirstSolar @Arraytechinc @NEXTracker
December
27, 2023 – Investorideas.com, a leading
investor news resource covering renewable energy stocks releases a special news
report on the future of the renewable energy sector and solar stocks featuring SinglePoint Inc. (Cboe:SING), a company with a
portfolio of renewable energy-focused companies in solar, EV charging and
energy storage.
Read this article,
featuring SING in full at https://www.investorideas.com/news/2023/renewable-energy/12271SING-Solar-Stocks.asp
Analysts
are seeing bullish signs for the solar sector and a possible turn-around as
interest rates lower. Jefferies analyst Dushyant Ailani moved solar stocks to
the upside with his recent buy ratings on First
Solar, Inc. (NASDAQ:
FSLR),
Enphase Energy, Inc. and Sunrun Inc.
Other
analysts are in agreement. In a recent
sector news article,
CIBC Capital Markets analyst Mark Jarvi said that valuations for clean energy
stocks have crashed since their peak in early 2021. However, for 2024 Jarvi
commented that “Overall, we believe lower rates/yields could have both a
qualitative and quantitative benefit on the sector.”
The
sector is also being fuelled by the recent COP28 plan as 118 countries pledged
to triple the world's clean power.
So,
if the analysts are correct, the timing is right on the money for companies
like SinglePoint Inc. (Cboe:SING). SinglePoint, a diversified holding company
specializing in renewable energy solutions and energy-efficient applications is
paving a clear path to growth, having recently
finalized
its underwritten public offering of 800,000 shares of common stock at a public
offering price of $5.00 per share. The gross proceeds from the offering,
anticipated to be $4,000,000 before underwriting discounts, commissions, and
estimated offering expenses payable by the Company, were successfully closed.
Additionally, the company has granted the underwriters a 45-day option to
purchase up to 120,000 additional shares of common stock at the public offering
price, less the underwriting discount.
On
December 15, 2023, the shares commenced trading on the BZX Exchange, a division
of Cboe Global Markets, under the ticker symbol "SING." The net
proceeds from the public offering are earmarked for general corporate purposes.
The company also participated in the iconic opening bell ringing ceremony on
the same day.
Wil
Ralston, Chief Executive Officer of SinglePoint, commented, "The chance to
be the inaugural US Company listed on the Cboe BZX Exchange marks a momentous
and historic occasion. Our interactions with the Cboe team have been
exceptional, characterized by their responsiveness, attention, and support.
These qualities were pivotal in our decision to transition to the Cboe. This
listing move is strategically sound, as we believe Cboe's international reach
will help facilitate our expansion into other markets and support our
acquisitions worldwide. This capability of Cboe is a significant step in
implementing our global strategy and represents a watershed moment for our
company. Achieving this historic milestone is truly remarkable, aligning
perfectly with our long-standing ambition and focus."
SinglePoint,
Inc., formerly trading on the OTCQB under the "SING" trading symbol,
experienced significant revenue growth, surpassing $30 million in trailing
twelve-month revenue while listed. The company continues this growth trend into
2023, achieving consistent quarter-over-quarter growth.
This
uplisting enables SinglePoint to execute its aggressive and disciplined
acquisition strategy, creating a streamlined network of services related to
renewable solar energy production and storage. The company aims to provide
solutions for healthier living, offering a suite of products that enhance
living standards and empower Americans with greater control over their
independence and well-being.
One
of the primary advantages of migrating to the Cboe exchange is the immediate
exposure to a broader investor base. The Cboe, known for its robust liquidity
and widespread market participation, provides SING with a platform that
facilitates increased trading volumes and improved liquidity. This heightened
visibility can attract a more diverse range of investors, from institutional
players to retail traders, potentially leading to a more dynamic and active
market for the company's shares.
SING’s
decision to move from the OTCQB to the Cboe exchange reflects a strategic
commitment to unlocking new horizons of growth, visibility, and market
credibility. This transition positions the company for a more dynamic and
secure trading environment, setting the stage for an exciting chapter in its
journey toward continued success.
Others
within the renewable energy space such as Array
Technologies (NASDAQ:
ARRY),
a leading provider of tracker solutions and services for utility-scale solar
energy projects, recently
announced
financial results for its third quarter ended September 30, 2023.
“Despite
the near-term secular challenges which impacted our volume when compared to the
prior year, Array again delivered another strong quarter across all of our key
metrics. Revenue for the quarter was $350.4 million which was in-line with our
expectations, and adjusted EBITDA was $57.4 million, which exceeded our
expectations as we once again delivered better than anticipated gross margin of
26.0% on an adjusted basis. We also continued to deliver positive free cash
flow, generating $69.4 million in the quarter, bringing our year-to-date total
to $126.4 million, which puts us well on track to achieve our full-year target
of between $150 million and $200 million. On the back of this cash flow
generation, we elected to make a $50 million prepayment on our term loan as we
begin to execute on the deleveraging we discussed in previous quarters,” said
Kevin Hostetler, Chief Executive Officer.
Mr.
Hostetler continued, “On the demand side, we continue to see positive momentum
heading into 2024. We are seeing a steady increase in our domestic pipeline,
which has more than doubled from the second quarter. This increase is a key
early indicator of the expected momentum in our order book. That said, we have
continued to be impacted by short-term delays in project timing driven by
customer pushouts, which has reduced our revenue outlook for the full year.
However, despite these project timing challenges, we continue to be encouraged
by our operational execution, in particular our efforts to expand our
non-tracker offerings which will drive better than anticipated margins for the
second half of the year. Accordingly, we expect our Adjusted EBITDA and
Adjusted EPS outlook to remain largely unchanged.”
According
to one recent
news piece,
“Shares of renewable energy stocks have jumped over the past week, and there's
one big reason. Falling interest rates have not only pushed the market higher,
they could make renewable energy companies more profitable in 2024.”
Nextracker (Nasdaq:NXT), a leading global
provider of intelligent solar tracker and software solutions, made an
announcement
similar to SING earlier this year, when it raised $638 million in its US IPO,
pricing it slightly higher than its indicated target range.
Nextracker
sold 26.6 million shares of its Class A common stock at $24 apiece, according
to the statement, giving the Fremont, California-based company a valuation of
over $3.5 billion. This comes at the upper-end of their indicated range of $20
to $23 per share.
NXT
recently
announced
surpassing a corporate milestone of 10 GW of smart solar trackers either
operational or under fulfillment for projects located in the Middle East,
Africa, and India. In parallel timing with the United Nations COP28 Climate
Change conference held in Dubai over the last two weeks, this milestone was
achieved this month after securing significant orders in the region.
Dan
Shugar, Nextracker founder and CEO said, "This is a region marked by a
wide range of energy transition needs and opportunities, and we’re proud to
have reached this significant milestone. We continue to invest in these markets
with sales, engineering, and professional services teams to better serve our
customers throughout the entire solar project lifecycle. The company is laser
focused on anticipating our customers’ needs and delivering the industry’s most
reliable solar tracker and software solutions with unmatched wind design
engineering and proven performance."
All
over the sector we are seeing renewed growth such as with First Solar, Inc. (NASDAQ:
FSLR)
who recently
announced
an agreement to supply Swift Current Energy with 500 megawatts (MW) of advanced
Series 7 thin film modules. Swift Current Energy, a Boston-headquartered
developer, owner, and operator of utility-scale clean energy assets, has
previously placed orders for 3.3 gigawatts of First Solar modules in 2022. This
latest order, which was booked prior to the release of First Solar’s Q3 2023
results on 31 October, will see modules delivered between 2027 and 2028.
Swift
Current Energy has commercialized more than 2.5 GW of renewable energy
projects, has a project pipeline of more than 10 GW of solar, wind and energy
storage, and owns 1.4 GW of renewable energy projects currently in operation or
in advanced construction.
"As
we continue to progress our US development pipeline, certainty of pricing and
supply is essential to ensuring that we deliver capacity as planned," said
Eric Lammers, co-founder and Chief Executive Officer, Swift Current Energy.
"This latest agreement with First Solar supports our effort to build a
resilient, competitive value chain, while supporting investments in domestic
manufacturing, along with the jobs and economic benefits that come with
it."
The
initial hype period for the renewable and solar sector following the Biden
administration’s commitments to renewable energy created a scenario where
stocks were overvalued and investors had unrealistic expectations. But now, as
technology improves, cost goes down and prime rates are set to lower, the
renewable energy sector is poised for a much more realistic year of growth in
2024.
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