Ascent Solar Technologies Stock Is Soaring Thursday: What's Going On?

Author: Vaishali Prayag | May 23, 2024 02:38pm

Shares of Ascent Solar Technologies, Inc. (NASDAQ:ASTI) are soaring Thursday afternoon. The stock’s significant movement comes amid heightened trading volume and increased attention across various social media platforms.

What’s Going On: One potential catalyst for the surge in Ascent Solar stock could be the broader positive sentiment in the solar sector following President Joe Biden’s announcement of increased tariffs on Chinese imports, including solar cells.

Reports from last week indicated that the Biden administration is planning to impose a 50% tariff on Chinese solar cells this year, up from the previous 25%. While the tariffs are yet to be imposed, the anticipation of such measures may be driving investor interest in domestic solar stocks.

Related Link: Solar Stocks Are Rallying Wednesday: What’s Going On?

What Else: Ascent Solar’s average session volume is about 4 million. Thursday’s trading volume has already crossed 625 million at the time of writing. Ascent Solar also has a lower float size of just over 30 million shares. Approximately 5.25% of the float is currently sold short, according to Benzinga Pro.

Ascent Solar stock is trending across various social platforms and seeing increased message volume on Stocktwits. The stock has seen increased attention since the company announced a firm order for initial delivery of its thin-film photovoltaic solutions for evaluation from a leading mega-constellation satellite manufacturer last week.

Ascent Solar is due to report first-quarter earnings in early June, although a date has not yet been confirmed by the company.

ASTI Price Action: Ascent Solar Technologies shares were up 65.8% at 21 cents at the time of writing, according to Benzinga Pro.

See Also: Why NVIDIA Shares Are Trading Higher By Over 6%; Here Are 20 Stocks Moving Premarket

Photo by anders-j for Unsplash.

Posted In: ASTI