Broadwind Energy, Inc. (NASDAQ: BWEN) has had a rough year as the wind power sector is just facing the equivalent of “no-wind” on the financial side. Shares were at $1.66 this morning after a $1.76 close on Friday and the 52-week trading range is $1.21 to $3.88.
Now this morning came news that The U.S. Department of Energy has selected Broadwind for a “multi-megawatt dynamamoter upgrade.” It turns out that this is a $1.37 million award for the design and fabrication of a 5.8 mega-watt wind turbine gearbox for a dynamamoter at its National Wind Technology Center.
Volume had been light but at 11:03 EST came the news story and at 11:12 AM EST we have shares up only about 1.7% at $1.79. What is important is that shares first popped up by more than 8% to a high of $1.93. We have now just surpassed 1.6 million shares and avaerage volume for a full day is only 1.2 million shares.
The news is important on the volume side, but the size of the contract is not likely going to be a real driving force as Thomson Reuters sees over $192 milliuon in revenues in 2011 and over $213 million in revenues in 2012.
JON C. OGG