Global renewable energy company SPI Energy Co., Ltd. (NASDAQ: SPI) recently announced plans to upgrade its manufacturing facility in Sacramento, CA. The company’s solar manufacturing division will carry out the work.
Following the news, shares of the company declined 1.5% to close at $3.33 on Friday.
The definitive agreement signed by the company’s solar manufacturing division entails upgrading the California facility with the latest technology and increasing the existing solar module manufacturing capacity to 1.1 GW by the second half of 2022.
The CEO of SPI Energy, Xiaofeng Denton Peng, said, “The state-of-the-art solar module manufacturing facility, which combines California’s highly skilled workers with machine-to-machine connectivity, will feature a high degree of precision automation and continuous improvement for manufacturing PV modules.”
The stock has a Moderate Buy consensus rating based on 1 Buy. Three months ago, Maxim Group analyst Tate Sullivan reiterated a Buy rating on the stock with a price target of $12 (260.4% upside potential). Shares of the company have declined 64.3% over the past year.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on SPI, as 7.5% of portfolios tracked by TipRanks decreased their exposure to SPI stock over the past 30 days.
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