Is Sunworks (SUNW) on the verge of hitting new highs?

There is currently a lot of positivity with regards to solar stocks and the election results from Georgia have further strengthened the view that a bigger push towards green energy is maybe forthcoming.

The possibility of a Senate controlled by the Democrats has raised hopes and one of the stocks to have benefitted on Wednesday was that of Sunworks Inc (NASDAQ: SUNW). The stock rallied by as much as 16% yesterday and emerged as one of the major gainers in the solar sector.

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That being said, it should be noted that the solar sector has done pretty well this year so far. For instance, the Invesco Solar ETF has been impressively performed and in 2020 alone, it gained in excess of 100%. It is clear to see that the Sunworks stock is enjoying a rally that is tied to a sector-wide revival. It remains to be seen if the stock can add to its gains through the rest of the week.

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Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.