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Thursday, January 21, 2021

Solar Integrated Roofing Corp (OTCMKTS:SIRC) Stock is on a Tear. Buy, Sell, or Hold?

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Solar power has grown in popularity in recent years owing to a definite shift towards clean energy. Solar Integrated Roofing Corp (OTCMKTS:SIRC) is one of the well-known companies in that space, and is now on investors radar.

Earnings Recap

Over the course of the past two weeks, Solar Integrated stock has come into sharp focus among investors and rallied strongly. During that period, the stock gained as much as 200% and hence, it could be a good idea for investors to perhaps take a closer look at it.

Solar Integrated Roofing Corp (OTCMKTS:SIRC) is involved in the installation of single-source solar power and rooting units. Earlier this week, the company announced unaudited financial results for the third quarter of 2021 and the results were impressive.

Solar Integrated managed to generated revenues of as much as $5.2 million during the quarter, which is a record. In addition to that, it reflects a year on year rise of as much as 130% from Q3 2020.

The significant improvement in its performance is apparently due to the success in executing its operations efficiently and for significant cross-selling. The Chief Executive Officer of the company David Massey commended his ‘team’ and went on to state that Solar Integrated is working towards expanding the range of its complementary businesses.

There have been other important developments as well which have contributed towards the bullish sentiment about the Solar Integrated stock. Earlier in December, the company signed an agreement with electric tractor maker Solectrac Inc by way of which Solar Integrated is going to supply a range of power devices. Some of the devices include electric storage and solar panels.

The agricultural tractor market is valued as much as $75 billion and on top of that Solectrac has also applied for a USTDA grant worth $500,000,000. Moreover, the agreement between the two parties also includes the provision of working with future clients’ customers.

Disclaimer: We hold no position in SIRC stock.

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