As the trading week chugs along in anticipation of the New Year investors are still actively on the hunt for the next big thing in the stock markets. On Wednesday, the trading continued unabated and there were some stocks that emerged as major gainers backed by massive trading volumes.
One of those was the Mass Megawatts stock, which ended up with gains of as much as 100% yesterday and emerged as one of the more notable gainers. In addition to that, its trading volumes soured 7 times amidst heavy trading as well and hit as many as 1,687,977 shares, which was higher than its 50 DMA.
As it happens, the company made a major new announcement yesterday with regard to its operations which led to such considerable action in the stock. Mass Megawatts announced yesterday that it felt confident that it was going to be able to complete its solar sales by early 2023.
The initial projects in question are situated in the Central Massachusetts area in places like Westborough and Worcester. However, more importantly, the company noted that these particular projects could start paying for themselves and become self-sustaining in the next six and a half years. In addition to that, such a virtuous cycle could help in the establishment of smaller projects.
On the other hand, some of the bigger solar projects which are being operated by the company could become financially self-sustaining in the next four years. The company noted that it could happen in that timeline because by that time the bonus depreciation benefits pertaining to the projects are going to kick in.
The announcements were music to the ears of many investors apparently and that was possibly the reason behind the remarkable rally that was seen in the Mass Megawatts stock on Wednesday.