Ascent Solar Technologies (NASDAQ:ASTI) Stock Price Down 8.8% – Here’s What Happened

Ascent Solar Technologies Inc. (NASDAQ:ASTI) shares fell 8.8% during mid-day trading on Wednesday . The company traded as low as $6.08 and last traded at $6.19. 1,063,092 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 3,094,668 shares. The stock had previously closed at $6.79.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ASTI. HC Wainwright began coverage on shares of Ascent Solar Technologies in a research report on Thursday, April 23rd. They set a “buy” rating and a $20.00 price target for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ascent Solar Technologies in a report on Monday, April 20th. Finally, Zacks Research upgraded shares of Ascent Solar Technologies to a “hold” rating in a research note on Friday, April 24th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Ascent Solar Technologies presently has a consensus rating of “Hold” and an average price target of $20.00.

Ascent Solar Technologies Price Performance

The stock has a market capitalization of $58.84 million, a P/E ratio of -2.53 and a beta of 1.69. The company has a fifty day moving average of $5.58 and a two-hundred day moving average of $5.12.

Ascent Solar Technologies (NASDAQ:ASTI) last issued its earnings results on Friday, May 8th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.08). Ascent Solar Technologies had a negative return on equity of 127.37% and a negative net margin of 7,311.40%.The firm had revenue of $0.05 million during the quarter, compared to analyst estimates of $0.05 million. As a group, equities research analysts predict that Ascent Solar Technologies Inc. will post -0.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Ascent Solar Technologies

A number of hedge funds have recently added to or reduced their stakes in ASTI. HRT Financial LP acquired a new stake in shares of Ascent Solar Technologies during the fourth quarter worth $208,000. MYDA Advisors LLC bought a new stake in shares of Ascent Solar Technologies during the 4th quarter valued at about $206,000. Jane Street Group LLC bought a new stake in shares of Ascent Solar Technologies during the 4th quarter valued at about $116,000. Cetera Investment Advisers acquired a new stake in Ascent Solar Technologies during the fourth quarter worth about $89,000. Finally, Geode Capital Management LLC lifted its holdings in Ascent Solar Technologies by 87.7% in the fourth quarter. Geode Capital Management LLC now owns 26,938 shares of the company’s stock worth $111,000 after acquiring an additional 12,588 shares during the last quarter. Institutional investors and hedge funds own 10.55% of the company’s stock.

Ascent Solar Technologies Company Profile

Ascent Solar Technologies, Inc (NASDAQ:ASTI) develops and manufactures thin-film photovoltaic modules based on copper indium gallium selenide (CIGS) semiconductor technology. Designed for lightweight, flexible and durable integration, Ascent Solar’s products are well-suited to mobile and off-grid applications where conventional rigid panels are impractical. The company’s portfolio includes both rollable and laminate modules that can be bonded onto a variety of surfaces, from textiles and curved structures to aerospace platforms.

Ascent Solar’s modules target a diverse set of end markets, including military and defense sectors, unmanned aerial vehicles (UAVs), consumer electronics, automotive and building-integrated photovoltaics (BIPV).