Sunworks stock soars in active trading after reporting upbeat Q3 booking activity

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Shares of Sunworks Inc. shot up 64% in active premarket trading Wednesday, after the solar power systems provider said it signed $10 million in new commercial and agriculture projects during the third quarter. Trading volume was heavy at 15.3 million shares, making it the second-most active stock ahead of the open. The company said the sales during the quarter, which marks the strongest quarterly booking activity since the COVID-19 outbreak in early 2020, are comprised of 19 existing and new customers. “Much of our [agriculture, commercial and industrial] sales activity has been on-hold since March 2020 as new and existing customers faced challenges and uncertainty caused by COVID-19,” said Chairman Chuck Cargile. “The most notable volume of third quarter sales were booked in the last week of September, and we are optimistic this momentum will continue into the fourth quarter as we signed two more large projects in the first week of October.” The stock has more than doubled (up 124%) year to date through Tuesday, while the S&P 500 has gained 4.0%.
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