SPI Energy Co. Ltd. (NASDAQ: SPI) saw a truly massive gain on Wednesday, increasing more than 40-fold at one point before coming back down to Earth, or at least in low orbit. Why is this stock running so much, and what makes it stand out?
24/7 Wall St. has put together a list of 10 things you should know about SPI Energy before getting into it.
First, this firm is based out of Hong Kong and its main business is providing photovoltaic solutions for business, residential properties and governments. As such it offers engineering and construction services, while developing its own solar projects.
Despite being headquartered in Hong Kong, the company has its operating headquarters in Santa Clara, California, and maintains global operations in Asia, Europe, North America and Australia.
For a company that ended Wednesday with a $206 million market, it only has 57 full-time employees, but this could easily expand with its foray into electric vehicles (EVs).
Wednesday’s huge move was a result of the company announcing the launch of a subsidiary that will focus on designing and developing EVs and EV charging solutions. The subsidiary will be called EdisonFuture and will seek to partner with major manufacturers as necessary.
In addition, the company recently announced that it will be spinning off its Orange Power subsidiary through an initial public offering. This subsidiary is an independent power producer targeting European markets with 43.12 megawatts (MW) of photovoltaic assets in Italy, Greece and the United Kingdom.
Over the summer, SPI Energy announced the closing of the sale of the 3.5 MW Tissington solar project to Marina Energy. This project is located in New Jersey and has been providing clean, renewable solar power to the Crystal Springs Resort as part of the largest resort-based solar farm in the northeastern United States. This site contains over 19,000 solar panels and is located on a 25-acre field.
Back in July, the stock regained Nasdaq compliance as the stock maintained a minimum bid price of $1.00 per share for 15 consecutive business days.
Excluding Thursday’s move, SPI Energy stock was up about 317% over the past 52 weeks and 652% year to date. In the past five trading days alone, the stock was up roughly 1067%.
SPI Energy stock traded up about 41% to $19.80 on Thursday, in a 52-week range of $0.55 to $46.67.