Hanwha Solarone Co Ltd (NASDAQ:HSOL) Up 7.41% as Solar Stocks Rally
Northern, WI 06/13/2013 (GDPInsider) – Hanwha Solarone Co Ltd (NASDAQ:HSOL) opened today at 1.62, level with its previous close and is up 7.41% in current market valuation. The good run for HSOL comes amidst a general rebound in solar stocks. HSOL has a range of 1.60 and 1.78 and volume in today’s session is 816.02K, a slight bump on its average volume of 775.79K.
HSOL is a leading manufacturer and seller of silicon ingots, silicon wafers, photovoltaic (PV) cells, and PV modules. The company is coming off its Q1 2013 earnings results which were discussed on May 30, 2013.
During the earning call, Chairman of HSOL, Ki-Joon Hong, discussed the progress the company has made in the last few months as well give insights into the future growth plans of the company. “We are quite pleased with the progress achieved in a number of areas during the first quarter and look forward to farther improvement as the remainder of the year unfolds.
Firstly, to some of the major achievements for the period, cost variables was the reflection of higher shipment volumes and improved prices driving the return back to gross profitability. We substantially narrowed the gap to reaching operating break-even and positive operating cash flow,” said Chairman Hong.
Chairman Hong’s confidence and optimism is well placed because in the last few weeks solar product and service prices have stabilized and with it a settling in confidence by investors.
HSOL’s uptrend has been consistent and the stock is now trading above both its SMA50 and SMA20. RSI is 59.93, indicating that investors have the room to make gains before the stock because overbought.
HSOL technical setup is supported by its strong Q1 2013 performance which delivered a 40% increase in revenue to $179.2 million.
Is HSOL a solid investment at these levels? Get exclusive data and trends here.
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