UPDATE: Cantor Fitzgerald Reiterates Ascent Solar Technologies at Sell Following Q3 Disappointment
Cantor Fitzgerald maintained its Sell rating and $0.25 price target on Ascent Solar Technologies (NASDAQ: ASTI).
Cantor Fitzgerald noted, "On November 8, the company filed its 10-Q for the September quarter. The company reported revenues of $556k compared with our estimate of $1 million. Surprisingly, product revenues of $474k consisted of $405k of revenues to privately held TFG Radiant. TFG owns 31% of Ascent, and as far as we can tell, TFG Radiant has no assets other than its shares in Ascent. Excluding TFG Radiant, product sales of $69k for its EnerPlex covers indicate to us that there is very little market acceptance."
Ascent Solar Technologies closed at $0.69 on Thursday.
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