Ascent Solar (NASDAQ: ASTI) stock surged during intraday trading on Thursday amid heavy trading volume and heightened attention across various social media platforms.
The rally in shares of Ascent Solar (ASTI) may stem from 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 suggested that the Biden administration is considering imposing a 50% tariff on Chinese solar cells this year, doubling the previous rate of 25%. These tariffs are pending implementation. Yet, the expectation of their imposition might have sparked investor interest in domestic solar stocks, such as Ascent Solar.
Another factor contributing to the surge in ASTI stock could be its relatively low float size of just over 30 million shares. Approximately 5.25% of the float, according to data from Benzinga Pro, currently constitutes short sales, potentially fueling volatility in the stock price.
Furthermore, Ascent Solar has generated significant buzz across numerous social media platforms, with increased message volume on platforms like Stocktwits. The company’s stock has garnered heightened attention since the announcement of a firm order for initial delivery of its thin-film photovoltaic solutions for evaluation from a leading mega-constellation satellite manufacturer last week.
Investor focus remains keen on Ascent Solar as the company gears up to report its first-quarter earnings in early June, although an official date has yet to be confirmed. The forthcoming earnings report could serve as a crucial catalyst for further price movements and investor sentiment surrounding the company.
Ascent Solar (NASDAQ: ASTI) Stock Price Action
On Thursday, ASTI stock soared 63.39%, closing at $0.21, marking a 24.83% increase for the week. The trading volume was 663,187,584 shares, significantly higher than the average daily volume of 14.72 million.
