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Solar Stocks Back on Watch List (Cboe: SING) (NASDAQ: FSLR) (NASDAQ: ARRY) (NASDAQ: NXT)

Lower Interest Rates and Global Push for Clean Energy Revive Bullish Sentiment

 

December 26, 2023 (Investorideas.com Newswire) Investorideas.com, a leading investor news resource covering renewable energy stocks releases a special news report on the future of the renewable energy sector and solar stocks featuring SinglePoint Inc. (Cboe:SING), a company with a portfolio of renewable energy-focused companies in solar, EV charging and energy storage.

Analysts are seeing bullish signs for the solar sector and a possible turn-around as interest rates lower. Jefferies analyst Dushyant Ailani moved solar stocks to the upside with his recent buy ratings on First Solar, Inc. (NASDAQ: FSLR), Enphase Energy, Inc. and Sunrun Inc.

Other analysts are in agreement. In a recent sector news article, CIBC Capital Markets analyst Mark Jarvi said that valuations for clean energy stocks have crashed since their peak in early 2021. However, for 2024 Jarvi commented that "Overall, we believe lower rates/yields could have both a qualitative and quantitative benefit on the sector."

The sector is also being fuelled by the recent COP28 plan as 118 countries pledged to triple the world's clean power.

So, if the analysts are correct, the timing is right on the money for companies like SinglePoint Inc. (Cboe:SING). SinglePoint, a diversified holding company specializing in renewable energy solutions and energy-efficient applications is paving a clear path to growth, having recently finalized its underwritten public offering of 800,000 shares of common stock at a public offering price of $5.00 per share. The gross proceeds from the offering, anticipated to be $4,000,000 before underwriting discounts, commissions, and estimated offering expenses payable by the Company, were successfully closed. Additionally, the company has granted the underwriters a 45-day option to purchase up to 120,000 additional shares of common stock at the public offering price, less the underwriting discount.

On December 15, 2023, the shares commenced trading on the BZX Exchange, a division of Cboe Global Markets, under the ticker symbol "SING." The net proceeds from the public offering are earmarked for general corporate purposes. The company also participated in the iconic opening bell ringing ceremony on the same day.

Wil Ralston, Chief Executive Officer of SinglePoint, commented, "The chance to be the inaugural US Company listed on the Cboe BZX Exchange marks a momentous and historic occasion. Our interactions with the Cboe team have been exceptional, characterized by their responsiveness, attention, and support. These qualities were pivotal in our decision to transition to the Cboe. This listing move is strategically sound, as we believe Cboe's international reach will help facilitate our expansion into other markets and support our acquisitions worldwide. This capability of Cboe is a significant step in implementing our global strategy and represents a watershed moment for our company. Achieving this historic milestone is truly remarkable, aligning perfectly with our long-standing ambition and focus."

SinglePoint, Inc., formerly trading on the OTCQB under the "SING" trading symbol, experienced significant revenue growth, surpassing $30 million in trailing twelve-month revenue while listed. The company continues this growth trend into 2023, achieving consistent quarter-over-quarter growth.

This uplisting enables SinglePoint to execute its aggressive and disciplined acquisition strategy, creating a streamlined network of services related to renewable solar energy production and storage. The company aims to provide solutions for healthier living, offering a suite of products that enhance living standards and empower Americans with greater control over their independence and well-being.

One of the primary advantages of migrating to the Cboe exchange is the immediate exposure to a broader investor base. The Cboe, known for its robust liquidity and widespread market participation, provides SING with a platform that facilitates increased trading volumes and improved liquidity. This heightened visibility can attract a more diverse range of investors, from institutional players to retail traders, potentially leading to a more dynamic and active market for the company's shares.

SING's decision to move from the OTCQB to the Cboe exchange reflects a strategic commitment to unlocking new horizons of growth, visibility, and market credibility. This transition positions the company for a more dynamic and secure trading environment, setting the stage for an exciting chapter in its journey toward continued success.

Others within the renewable energy space such as Array Technologies (NASDAQ: ARRY), a leading provider of tracker solutions and services for utility-scale solar energy projects, recently announced financial results for its third quarter ended September 30, 2023.

"Despite the near-term secular challenges which impacted our volume when compared to the prior year, Array again delivered another strong quarter across all of our key metrics. Revenue for the quarter was $350.4 million which was in-line with our expectations, and adjusted EBITDA was $57.4 million, which exceeded our expectations as we once again delivered better than anticipated gross margin of 26.0% on an adjusted basis. We also continued to deliver positive free cash flow, generating $69.4 million in the quarter, bringing our year-to-date total to $126.4 million, which puts us well on track to achieve our full-year target of between $150 million and $200 million. On the back of this cash flow generation, we elected to make a $50 million prepayment on our term loan as we begin to execute on the deleveraging we discussed in previous quarters," said Kevin Hostetler, Chief Executive Officer.

Mr. Hostetler continued, "On the demand side, we continue to see positive momentum heading into 2024. We are seeing a steady increase in our domestic pipeline, which has more than doubled from the second quarter. This increase is a key early indicator of the expected momentum in our order book. That said, we have continued to be impacted by short-term delays in project timing driven by customer pushouts, which has reduced our revenue outlook for the full year. However, despite these project timing challenges, we continue to be encouraged by our operational execution, in particular our efforts to expand our non-tracker offerings which will drive better than anticipated margins for the second half of the year. Accordingly, we expect our Adjusted EBITDA and Adjusted EPS outlook to remain largely unchanged."

According to one recent news piece, "Shares of renewable energy stocks have jumped over the past week, and there's one big reason. Falling interest rates have not only pushed the market higher, they could make renewable energy companies more profitable in 2024."

Nextracker (Nasdaq:NXT), a leading global provider of intelligent solar tracker and software solutions, made an announcement similar to SING earlier this year, when it raised $638 million in its US IPO, pricing it slightly higher than its indicated target range.

Nextracker sold 26.6 million shares of its Class A common stock at $24 apiece, according to the statement, giving the Fremont, California-based company a valuation of over $3.5 billion. This comes at the upper-end of their indicated range of $20 to $23 per share.

NXT recently announced surpassing a corporate milestone of 10 GW of smart solar trackers either operational or under fulfillment for projects located in the Middle East, Africa, and India. In parallel timing with the United Nations COP28 Climate Change conference held in Dubai over the last two weeks, this milestone was achieved this month after securing significant orders in the region.

Dan Shugar, Nextracker founder and CEO said, "This is a region marked by a wide range of energy transition needs and opportunities, and we're proud to have reached this significant milestone. We continue to invest in these markets with sales, engineering, and professional services teams to better serve our customers throughout the entire solar project lifecycle. The company is laser focused on anticipating our customers' needs and delivering the industry's most reliable solar tracker and software solutions with unmatched wind design engineering and proven performance."

All over the sector we are seeing renewed growth such as with First Solar, Inc. (NASDAQ: FSLR) who recently announced an agreement to supply Swift Current Energy with 500 megawatts (MW) of advanced Series 7 thin film modules. Swift Current Energy, a Boston-headquartered developer, owner, and operator of utility-scale clean energy assets, has previously placed orders for 3.3 gigawatts of First Solar modules in 2022. This latest order, which was booked prior to the release of First Solar's Q3 2023 results on 31 October, will see modules delivered between 2027 and 2028.

Swift Current Energy has commercialized more than 2.5 GW of renewable energy projects, has a project pipeline of more than 10 GW of solar, wind and energy storage, and owns 1.4 GW of renewable energy projects currently in operation or in advanced construction.

"As we continue to progress our US development pipeline, certainty of pricing and supply is essential to ensuring that we deliver capacity as planned," said Eric Lammers, co-founder and Chief Executive Officer, Swift Current Energy. "This latest agreement with First Solar supports our effort to build a resilient, competitive value chain, while supporting investments in domestic manufacturing, along with the jobs and economic benefits that come with it."

The initial hype period for the renewable and solar sector following the Biden administration's commitments to renewable energy created a scenario where stocks were overvalued and investors had unrealistic expectations. But now, as technology improves, cost goes down and prime rates are set to lower, the renewable energy sector is poised for a much more realistic year of growth in 2024.

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