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Insiders are also loading up on a large amount of stock in
Ascent Solar Technologies(ASTI), a development stage company formed to commercialize flexible photovoltaic modules using a technology. Insiders are buying into some big time strength here since the stock is up over 56% so far in 2012.
Ascent Solar Technologies has a market cap of $25.09 million and an enterprise value of $9.15 million. This stock trades at a reasonable valuation, with a price-to-sales of 6.53 and a price-to-book of 0.50. Its estimated growth rate for this year is 81.1%, and for next year it's pegged at 35.1%. This is a cash-rich company, since the total cash position on its balance sheet is $23.91 million and its total debt is $7.26 million. After you back out the cash, Ascent Solar Technologies has $16.65 million in cash on its books. This means the stock is currently trading just above its total cash per share valuation of 58 cents.
A beneficial owner just
bought 8,067,390 shares, or about $4 million worth of stock, at 50 cents per share.
From a technical perspective, ASTI is currently below both its 50-day and 200-day moving averages, which is bearish. This stock saw an amazing move earlier this year when it spiked from 36 cents to $1.10 in just a few weeks. After that monster move, the stock has trended lower making mostly lower highs and lower lows. That's bearish price action and the stock has recently moved back below both its 50-day and 200-day.
If you're bullish on ASTI, I would look for long biased trades once this stock triggers a near-term breakout above 68 to 69 cents with high-volume. Look for volume on a move above those levels that hits near or well above its three-month average action of 368,954 shares. If we get that action soon, then look for ASTI to make a run at its 50-day (76 cents) or 200-day (80 cents) moving averages. I would only add to long positions if ASTI can take out those moving averages with high volume.
The biggest near-term support level for ASTI sits at 60 to 58 cents. The stock has held above those levels for the past few weeks, so you could buy off weakness and anticipate the breakout and simply use a mental stop right below those levels. If you're into buying strength, then wait for the high-volume breakout to trigger.
To see more stocks with notable insider buying like
BioMimetic Therapeutics(BMTI) and
Charming Shoppes(CHRS), check out the
Stocks With Big Insider Buying portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.