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Wednesday, October 21, 2020

Switchback Energy Acquisition Corporation (NYSE:SBE) Finding Strong Support

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Switchback Energy Acquisition Corporation (SBE) shares are trading at higher $14.72.

To add more color to this target, the company’s high over the last year is $16.45 and the low is $9.38 while the S&P 500 is up 18.03%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. SBE has a short ratio of 0.01 and outstanding shares of 31.41M.

Company Outlook

SBE has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 4.17 million and more growth is possible in the weeks ahead. Switchback Energy Acquisition Corporation SBE also noted assets of $317.73 million at the end of the last quarter. Investors should also keep an eye on sector updates as SBE has historically followed its peers on positive news.

All told, Switchback Energy Acquisition Corporation SBE has strung together solid data and demonstrated underlying fundamentals. At its current valuation, SBE represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Switchback Energy Acquisition Corporation SBE is now commanding a market cap of 462.38M and a float of 22.18M. SBE is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of SBE stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in SBE, either long or short, and we have not been compensated for this article.

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