Satcon Technology Falls On Stock Offering (SATC)
October 18, 2010 10:10 AM
Shares of Satcon Technology Corporation (NASDAQ: SATC) are lower on the session by 5.53%, currently trading at $3.93. The stock is moving lower after the company said that it plans to sell 9 million shares, according to a regulatory filing, leaving it with 115.5 million shares outstanding.
The provider of utility-scale power systems for the renewable energy industry also reported stellar revenues, with sharp increases in bookings in the second quarter. It noted that it forecasts fourth-quarter revenue of $70 million to $75 million, where the Street was only looking for $51 million.
SATC looks like a stellar buy closer to the 20-day moving average, at roughly $3.00.
Satcon Technology Corporation is a clean energy technology provider of utility grade power solutions for the renewable and distributed energy markets. The company delivers power conversion solutions and system design services for large-scale renewable energy plants. Satcon's products are utilized by businesses and utility companies to convert renewable energy sources into electrical power.
