Solar Integrated Roofing Corp (OTCMKTS:SIRC) Stock Rallies On Strategic Shift
The solar power sector has seen a renewed interest from among investors in recent times and one of the stock that could well be looked into today is that of Solar Integrated Roofing Corp (OTCMKTS:SIRC). The stock was in significant focus yesterday following an announcement from the company and ended up with gains of as much as 10% for the day.
Market Stats
On Wednesday, SIRC stock moved up 13.20% to $0.4080 with more than 5.37 million shares, compared to its average volume of 2.21 million shares. The stock moved within a range of $ \0.3510 – 0.4699 after opening trading at $0.36.
Solar Integrated Roofing Corp. to Form Dominant Player in EV Charging Market with Planned Acquisition of Charging Installer with $100 Million Order Pipeline, Buoyed by $5 Billion in Federal Stimulus
The company announced yesterday that it had decided to give top priority to its electric vehicle charging project that is valued at in excess of $30 million. In addition to that, the company also noted that there is a revenue backlog of as much as $20.2 million from the above mentioned project.
That was a significant announcement from the company with regards to a project that is going to be involved in a niche that is expected to grow at an explosive pace in the near term. In addition to that, it is also necessary for investors to keep in mind that the prioritising of this project is also well aligned with the proposed name change of the company to SolarEV in the near future. It may be a good time to add the stock to your watch lists.
Key Quote
“Electric vehicle charging is the next massive opportunity in our market, and this calculated alignment of our near-term focus will help to position SIRC as a clear national player in the space,” said David Massey, Chief Executive Officer of Solar Integrated Roofing. “The expanding EV charging market is being driven by the rapid the adoption of electric vehicles nationwide – for example, the U.S. Energy Information Administration predicts there will be 7.5 million EVs on American roads by 2025.
Traders Corner
SIRC stock is trading above the 20-Day and 50-Day Moving averages of $0.38 and $0.38 respectively. However, the stock is trading below the 200-Day moving average of $0.46.
