Shares of GT Solar International, Inc. (SOLR) hit a new 52-week high on Wednesday. The stock is currently printing the tape at $10.16 as it reclaims the $10.00 area for the first time in 2-years.
Technically speaking, SOLR recently started pulling back to test the $8.00 – $8.50 support area, which in the last few weeks has acted as a springboard to launch SOLR higher. The equity has added more than 7.60% in electronic trading, with the shares returning year-to-date 61% as of today’s hod price of $10.16. Shares are seeing significant volume ; mid-way through the session SOLR shares have already traded 3.9 million shares, well above the daily average volume of 3.3 million shares.
GT Solar currently trades at a trailing P/E of 11.52, a forward P/E of 8.17, and a P/E to growth ratio of 0.17. The median Wall Street price target on the equity is $12.00 with a high target of $13.00.
At last check [2:09 p.m. EST], SOLR shares, which opened at $9.40, were up over 8.13% to $10.21 in trading on the Nasdaq.