In the Zone

 

$SUNW - Sunworks, Inc.

 In the Zone this week is Sunworks, Inc. in which trades on the Nasdaq Composite Index under the stock symbol $SUNW.

 

Sunworks, Inc., is a Roseville, California headquartered company, through its subsidiaries the company provides photovoltaic based power systems for the agricultural, commercial, industrial, public works, and residential markets in California, Massachusetts, Nevada, Oregon, New Jersey, and Washington. 

 

The company also designs, finances, integrates, installs, and manages systems ranging in size from 2 kilowatt for residential loads to multi megawatt systems for larger projects. 

 

In addition, it offers a range of installation services, including design, system engineering, procurement, permitting, construction, grid connection, warranty, system monitoring, and maintenance services to its solar energy customers.

 

As of November 25, 2020 the company has bolstered its balance sheet after paying off a 2.7 million dollar loan eliminating costly debt. With the strengthening of its working capital position the company can better position itself to navigate the Covid-19 challenges that its operations, industry, and the economy are facing.  

                                                                                                  

Looking at the company from a technical analyst standpoint the stock has been on a decline for the past 3 weeks after coming from a price high at $8.00. What I would need to see in order for this stock continue its upside momentum back above the highs is a technical breakout above $5.60.

 

At the close of the trading session on Friday the stock ended the day trading at 4.84 up $0.48 or 11.01% on heavier than average trading volume of 8.75 million. The average daily trading volume for the company is 8.27 million.  

 

In the coming week set your price alerts and keep Sunworks, Inc. on your watch list for a potential breakout in price above $5.60.

 

By Marlin Rolle