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Technical Check: Evergreen Solar at $12

Evergreen Solar (ESLR) is close to $12, an important technical point that has been firmly established as resistance with the stock unable to break above that level the last two times the price spiked in early April and then again in mid-May. Inspiring the 15.6% move today are two long term sales contracts worth about $600 million with solar product companies GroSolar and Wagner & Co which brings Evergreen’s total contractual backlog to $1.7 billion. In the news release, CEO Ricard Feldt hinted of potentially more deals saying that there are continued “discussions with other potential customers as we look to commit up to 75% of Devens capacity to long term contracts.” What’s also helping the rally is that Evergreen was initiated with a “buy” rating at Stanford Research and during a conference call with analysts this morning, though it remains to be seen, the CFO seemed to rule out straight equity dilution – the company needs to raise up to $2.2 billion in funding through 2012, something that’s acted as an overhang on the stock. That last item might have given shorts a scare as nearly 20.4% of the 102.4 million share float is held short.

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