This small cap energy name just received a massive order

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Good day, 360 –

Here are our top 3 trade ideas today – these setups look primed! And make sure to check out our upcoming 360 Events Calendar below!

BWEN - Up over 65% in pre-market after receiving “transformational” $175 million order for wind turbines

BBBY -  Another 20% higher after missing earnings, announcing layoffs

PI - 5% Higher after announcing it expects 4th quarter 2022 revenue to exceed $76 million, above its prior guidance of $71.5-$73.5 million

BWEN - Up over 65% in pre-market after receiving “transformational” $175 million order for wind turbines

Broadwind Inc. announced a $175 million order for its wind turbines that will be fulfilled through 2023 and conclude by the end of 2024. 

According to Finviz the company’s market cap was around $45 million at yesterday’s close, giving it a price/sales ratio of around 0.5 based on the new orders alone. Given that other clean energy companies such as FSLR trade at price/sales ratio of above 6, this new contract could put new eyes back on BWEN as an undervalued company in the space. 

The stock was above $5 in 2022 and traded over $11 in 2021. BWEN has a float of around 18 million shares according to Finviz and has already traded 4 million shares as of 8am.

The $3.60 level was resistance in the after-hours trading yesterday and became support in the pre-market. This is likely to be an important pivot point.

Above it $4 is the first target with the pre-market high of $4.19 the next. On the longer term chart the next targets above that are $5, $5.70 and then $7.

Below $3.60 the next potential support levels are $3.30, $3, $2.80 and then a gap to fill at $2.26. 

BBBY -  Another 20% higher after missing earnings, announcing layoffs

We mentioned BBBY on Monday after there was some buying in the pre-market and Ryan Cohen made a mysterious tweet. The stock is around 60% higher since then today in the pre-market. 

Today it is gapping higher after announcing worse than expected earrings but announcing layoffs. Today could be the end of the dead cat bounce or perhaps, given the 40% short interest according to Finviz, another short squeeze higher.

Baird lowered its price target to $1 this morning. As a reminder, last week it was reported that Bed Bath & Beyond (BBBY) could file for bankruptcy within weeks according to The Wall St Journal.

$2.40 was a support level from early this morning and should be an important pivot point for the stock.

Above it, the pre-market high is  $2.74 and would be the first major target. $3 was a prior support level that would be potential resistance, with the next levels at $3.60 and $4.18 above that.

Below $2.40, yesterday’s high and resistance area was $2.23 which could become support and the next target to the downside would be the $1.90-$2 consolidation area where BBBY traded for most of yesterday. Below that $1.50 would be the next magnet to the downside. 

PI - 5% Higher after announcing it expects 4th quarter 2022 revenue to exceed $76 million, above its prior guidance of $71.5-$73.5 million

Impinj Inc. (PI) is trading around 5% higher this morning after announcing it expects its revenue to exceed its prior guidance. 

This is one of the few tech companies that is showing strength this year and that says something. The all-time high for PI is at $129.97 (if we include after-hours) which is less than 5% from where it is trading in the pre-market. 

It has a market cap of only around $3 billion according to Finviz so perhaps investors think that this company has a lot more market share it can gain.

Last week’s high of $121.86 was resistance and may act as potential support this morning. Above it, the pre-market high is $124.88 and would be the first target for bulls.

Above that the next potential resistance would be the intraday all time high of $129.02. Above $130 there is only blue sky with potential levels at psychological numbers such as $135, $140 and $150. 

Below $121.86 the next potential support levels are $118, $116/$115, with $112 and $110 below that.

Economic Calendar (ET)

7:00 am MBA Mortgage Applications

10:00 am Atl. Fed Business Inflation

10:30 am ET EIA Petroleum Report

Earnings for Today (After Market)

KBH

Expected IPO Openings This Week  

ATLX, MGOL, SKWD

IPO Lock-Up Expiration  

Monday: ILAG, NA   Wednesday:  HKD

Top Headlines

HKD - AMTD Digital Reaffirmed of Previously Announced Two-Year Lock-Up Undertakings from Key Shareholders

ESLT Elbit Systems Awarded a Contract of $70 Million to Supply Rockets to a European Country

BA Wells Fargo Raises Boeing Target Price To $240 From $218

AAPL Apple plans to start making in-house screens by 2024E, Bloomberg

NBC News 6:00am reports that ALL FLIGHTS ARE GROUNDED NATIONWIDE right now due to computer issues.

GERN: Closing of Upsized Public Offering of Common Stock and Pre-Funded Warrants Plus Full Exercise of the Underwriters’ Option to Purchase Additional Shares for Total Gross Proceeds of $227.8 Million

AAPL Barclays Cuts Apple Target Price To $133 From $144

EAR: Eargo to Complete a 1-for-20 Reverse Stock Split

BCYC: Bicycle Therapeutics to Present End of Dose Escalation Data from Ongoing Phase I/II Study of BT8009 at the 2023 ASCO Genitourinary (GU) Cancers Symposium

REGN EF Hutton Maintains Buy on Regeneron Pharmaceuticals, Maintains $851 Price Target

TSLA Model S & Model Y received the highest overall safety scores among every vehicle tested by EuroNCAP in 2022, Musk tweets out Twitter 

LIPO Lipella Pharmaceuticals Announces Successful Top Line Results of Phase 2A Clinical Trial of LP-10

MRNA price target raised to $225 from $185 at Deutsche Bank

APRE Aprea Therapeutics Announces Dosing of First Patient in Phase 1/2a Clinical Trial of Oral ATR Inhibitor ATRN-119 for the Treatment of Advanced Solid Tumors

BNGO Bionano Announces Publication from Institut Curie Showing Utility of OGM for Detection of HRD in Breast Cancer

ENTG Entegris Announces $50 Million Capacity Expansion Investment for Its High Purity Electronic Chemicals Business in North America to Support the Anticipated Increase in Domestic Semiconductor Production

AQMS Aqua Metals Electroplates First Critical Battery Metal from Lithium Battery Black Mass at Li AquaRefining™ Pilot

MDRX Veradigm (MDRX) announces $250m share buyback, guides FY23

LSEA: Landsea Homes closes on 113 homesites for a new community in Orange County, Florida.

SAIC Awarded $2.6B Federal Aviation Administration IDIQ Contract to Support Programs

LEVI A slowdown in denim demand could spell trouble for Levi Strauss, Citi Cnbc

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