Evergreen Solar Stock Hot on $600M in Deals

Silicon supply worries and the slowing macroeconomy may have left solar stocks in volatile territory lately, but big manufacturing deals can still give a solar maker a boost on Wall Street. Yesterday solar panel maker Evergreen Solar (ESLR) said it signed two sales deals — one with groSolar and the other with Wagner & Co. Solartechnik — worth a total of $600 million The news lifted Evergreen shares to close at $12.30, up 20 percent.

This could be a new upward trend for the company, whose shares have fallen from a 52-week high of $18.85 reached late last December. In April, it reported a net loss of $25,000 for the first quarter of 2008, which was better than its net loss of $6.2 million for the first quarter of 2007, but still not in the black.

Things started to look brighter in May, when Evergreen announced panel supply contracts worth a $1 billion, causing analysts like those at S&P to reiterate their buy ratings. And now here’s this $600 million in deals.

loading

Comments have been disabled for this post