Solar Industry Movers: 3 Winners and 1 Loser
WINNER: SunPower Corporation (NASDAQ:SPWR)
Last week, a holding company controlled by Berkshire Hathaway (NYSE:BRKA)(NYSE:BRKB) purchased the world’s largest permitted photovoltaic power development — the 579-megawatt Antelope Valley Solar Projects — from SunPower for between $2 and $2.5 billion. The rest is, well, take a look at the stock chart.
Shares are up over 34 percent for the past five trading days, despite some pullback at the beginning of this week as the markets generally simmer down after a hot start to the New Year. But shares are still trading hands at over twice their three-month average volume of 1.5 million per day, and the company’s market cap is flirting with $1 billion for the first time since October 2011.
The stock has smashed the mean analyst price target of $5.60 per share and has revitalized a long-running debate over the near- and mid-term future of the solar industry. Specifically, is it ready to recover after a period of crashing silicon prices, tremendous over capacity, and slow economic growth?
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