It was not a great day in the markets for investors in Solar Integrated Roofing Corp (OTCMKTS:SIRC) as the company’s stock suffered from a significant selloff and ended the day with a decline of as much as 7%. Considering the magnitude of the decline, it may be a good time for investors to take a closer look at the company and work out if the stock is going to continue to slide or if there is going to be a rebound.
Market Reaction
On Thursday, SIRC stock moved down 6.60% to $0.3810 with 1.18 million shares, compared to its average volume of 2.21 million shares. The stock moved within a range of $0.3755 – 0.4250 after opening trade at $0.4175.
Solar Integrated Roofing Announces A New Pricing Agreement With Enphase Energy (NASDAQ: ENPH)
Yesterday, the stock actually came into focus following some important revelations during the course of a question and answer session with shareholders.
Solar Integrated Roofing noted during the session that it had been souring solar batteries from the company Enphase Energy, which is involved in the domestic supply space. In addition to that, it was also announced that it had signed a new pricing agreement with Enphase Energy as well.
On the other hand, a bulk pricing agreement had also been reached with a supplier for solar panel supplies. Despite the slew of largely positive news form the company yesterday, there was no enthusiasm from investors and the stock suffered from a selloff. It remains to be seen if it can bounce back today.
Key Quote
David Massey, founder and CEO of SIRC, says, “Enphase is a leader in home energy systems, and we are privileged to provide its energy solution to our over 250 sales teams spanning 40 states and our commercial development firms.
Traders Review
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
