The below chart is of
), which engages in the design, installation, and sale or lease of
solar energy systems to residential and commercial customers, and
government entities in the United States.
Click to enlarge
What I Am Looking At:
- Largely outperforming the broader market, up more than 214%
- Recent pullback to the rising 40-day moving average, which
has been significant during the past year.
- Coinciding with the 40-day moving average is the 200%
year-to-date level, which could be supportive.
- Pullback has retraced between 38.2% and 50% of the all-time
low to the all-time high.
- Enormous put open interest for the June/July series at the
35-strike could create a tailwind on an unwind situation.
- Short interest continues to rise, up nearly 25% during the
past two weeks and represents 14% of the float; bounce from here
could spark short-covering.
- Analysts have yet to climb on board as three out of four
maintain "hold" ratings.
- Annual sales growth for the past five years is 41%.
- Long-term annual growth estimate (five years): 33%.
Looking for the 40-day moving average and the $35 level to hold
with the anticipation of a possible move back to the May highs.
This article by
Tony Venosa, CMT,
was originally published on
Schaeffer's Investment Research
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