GP fell further than I had expected and I ended up selling shares at $14.99/share and $13.05/share, but today I bought shares at a weighted average price of about $13.789/share. I bought more shares than the ones I previously had. The technical indicators gave a very strong buy signal for GP a day ago. On a one month, or long time frame, chart look at the "Stochastics Fast (14, 3)", "Stochastics Slow (14, 3, 3)", and "OBV" indicators with the stock chart plotting daily periods (instead of intra-day, weekly, or monthly periods). The indicators have moved up out of the oversold category, hence indicating a good time to buy (though yesterday would have been a better time than today).
This movement follows a very big positive press release from GP yesterday. It says in part:
"
GreenPower Adds ABC Bus as Authorized Dealer in NY Market
8:30 AM ET, 09/30/2020 - PR Newswire
Agreement Provides for 100 GreenPower Vehicles to Be Purchased by ABC Over Next 36 Months; Partnership to Capitalize on Lucrative Funding for Zero-Emission Vehicles in NY State; Deliveries to Start in 2020
LOS ANGELES, Sept. 30, 2020 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a leading manufacturer and distributor of zero emissions electric powered medium and heavy-duty vehicles, today announced a formal dealership agreement with ABC Bus, Inc. ("ABC") that will cover the State of New York. The agreement provides for 100 vehicles to be purchased by ABC over the next 36 months including the purchase of two EV Stars within thirty days.
ABC was founded in 1950 and has 10 locations with over 500 employees across the United States. GreenPower and ABC are poised to capitalize on the various funding programs across the state of New York including the clean trucks NYSERDA program and the New York Voucher Incentive Program which provides incentives for up to $100,000 of the purchase price for Class 4 battery electric trucks and transit buses and up to $90,000 of the purchase price for Class 4 battery electric school and shuttle buses.
"The State of New York has set an ambitious goal of being carbon neutral by 2050. Transportation is the low hanging fruit and New York can immediately begin making progress towards this goal by deploying GreenPower zero emissions vehicles within their fleets," stated Brendan Riley, President of GreenPower. "By partnering with ABC in this territory, our future customers will be taken care of by one of the most respected transportation solutions providers in the country. We are excited to hit the ground running with initial deliveries beginning this year and expected to accelerate thereafter in early 2021."
Part of the NYSERDA and the New York Voucher Incentive Programs require a physical location and service support component to be eligible to access funding. After several months of working through the logistics of bringing on a new dealer for this territory, GreenPower and ABC are ready to begin aggressively pursuing this market.
"
Furthermore, at 7:27 AM ET, 09/29/2020 - MT Newswires had the headline called "--Analyst Actions: BTIG Research Starts GreenPower Motor at Buy With $25 Price Target".
From 10:49 AM ET, 09/25/2020 - MT Newswires there was the following:
"
GreenPower Motor Signs Contract for EV Star With California Association for Coordinated Transportation
… 10:49 AM EDT, 09/25/2020 (MT Newswires) -- GreenPower Motor (GP) said Friday that it received a two-year contract for its EV Star from the Morongo Basin Transit Authority and California Association for Coordinated Transportation purchasing cooperative RFP for zero emissions shuttles.
The contract allows CalACT members to purchase as many as 150 zero-emission vehicles per year.
Shares of the company were up 5.9% in recent trading.
Price: 11.74, Change: +0.65, Percent Change: +5.86
"
In posting to this site, it is my primary aim to provide accurate information and good ideas to the readers, for their benefit - and not hype or nonsense or gross exaggerations (except maybe for humor). I hope I achieve that goal.
