Broadwind Inc. (BWEN) stock declined by 8.56% at the last trading close while the BWEN stock gains in the pre-market session by 3.89%. There is no recent news available related to this change in BWEN stock. Broadwind is a high-precision manufacturer of clean-tech and other specialized structures, machinery, and parts. BWEN’s talented team is focused on helping consumers optimize the performance of their investments—quicker, faster, and smarter with facilities around the United States.
On March 23, 2021, it was being announced that Broadwind has been the subject of an inquiry by Levi & Korsinsky into alleged violations of fiduciary duty. Levi & Korsinsky is a widely renowned firm with considerable experience pursuing securities cases alleging financial fraud, defending plaintiffs in securities lawsuits around the country, and recovering hundreds of millions of dollars for aggrieved shareholders.
Financial Results 2020
A while ago on February 25, 2021, BWEN stock announced its fourth quarter and full-year 2020 financial results. Given below is the summary:
- The total revenue generated for the full year 2020 was $198.5 million and for the fourth quarter, it was $40.3 million. This is an increase of 11% and 18% compared to Full-year and fourth quarter 2019, respectively.
- BWEN’s gross profit for the year 2020 was $18.0 million, an increase of 17% compared to the previous year. Whereas the gross profit for fourth quarter 2020 was $2.7 million which again is an increase of 33% compared to fourth quarter 2019.
- The net loss for the fourth quarter of 2020 was $2.0 million or $0.12 per basic share.
- Lastly, the total non-GAAP adjusted EBTIDA for the full year 2020 was $8.0 million and for the fourth quarter it $0.3 million.
Since there is no recent news available, following the current change in BWEN stock, it can be only assumed that due to these recent developments especially the inquiry going on against BWEN, is might be the reason that BWEN stock is showing uncertainty. Until the final verdict comes out related to the inquiry, it is quite obvious that investors would be unsure about making any long-term investment in BWEN shares.