Pick up in demand for Wigton’s shares

Demand for shares of Wigton Windfarm was weak leading into the week ending June 11, with the company’s stock closing at 63 cents and trading as low as 60 cents, with only one bid of size to buy 4,847,000 shares at 60 cents each and a mere six other bids to buy 872,000 shares, with prices ranging from 50 cents to 59 cents. Since then, demand has seen a marked increase.

Wigton closed at anew high of $1

Wigton traded nearly 90% of shares on Thursday.

At that close of trading in early June, offers to sell the stocks started at 63 cents with 204,000 units and climbed to over six million at 65 cents. Since then, the stock enjoyed strong support with the trading of 55.5 million units at an average of 4.6 million per day, with the highest, taking place on June 25, with 12.6 million shares and on the 28th, trading resulted in 9.2 million units changing hands.
On Tuesday, this week, total bids for the stock are up to 21.3 million units well above the close of June 11 and offers stand at 56 million units for 59 cents up to $1.55. A total of 52 million shares are on offer below $1 at the close on Tuesday, with more than 4 million units at 60 cents, while the bids remain weak below 55 cents.
The company reported earnings of $793 million or seven cents per share for the fiscal year ending March 2021. Those results would suggest a higher valuation than its currently getting but with nearly $400 million of revenues to be cut this year with the downward adjustment to the traffic on the number two turbine, earnings for the 2022 fiscal year is set to plummet below 5 cents per share and most likely below 4.5 cents, with no short term prospect of reversing that position.

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