Sunworks (SUNW) Shares Down 31.5% Following Weak Earnings
Sunworks Inc (NASDAQ:SUNW) was down 31.5% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $0.86 and last traded at $0.86. Approximately 2,616,500 shares traded hands during trading, an increase of 303% from the average daily volume of 649,429 shares. The stock had previously closed at $1.26.
The semiconductor company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.14). Sunworks had a negative return on equity of 28.01% and a negative net margin of 8.09%. The company had revenue of $9.27 million during the quarter, compared to analysts’ expectations of $13.00 million. During the same quarter in the previous year, the company earned ($0.07) EPS.
A number of analysts have recently commented on SUNW shares. ValuEngine upgraded Sunworks from a “hold” rating to a “buy” rating in a research note on Monday, February 4th. Zacks Investment Research downgraded Sunworks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday.
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About Sunworks (NASDAQ:SUNW)
Sunworks, Inc, through its subsidiaries, provides photo voltaic based power systems for the agricultural, commercial, industrial, and residential markets in California, Nevada, Oregon, and Washington, the United States. The company also designs, arranges, finances, integrates, installs, and manages systems ranging in size from 2 kilowatt for residential loads to multi megawatt systems for larger commercial projects.
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