Power-One, Inc. (PWER) is a manufacturer of power conversion and management solutions in the areas of renewable energy, communications, and many other high technology markets. Products include power supplies used in networking systems, data processors, industrial equipment, converters, and power systems used for back-up power by cellular communications systems and communcations networks. The company also produces renewable energy products which convert solar and wind energy for use in residential and commercial power grids, and in appliances. PWER distributes its products throughout North America, Europe, Asia, the Middle East, and Australia. The company is based in Camarillo, California.
The company currently has a float of 95.78M, of which 35.40M are short. As of February 28th, 2011, short interest was 41.60%. The market cap is currently 890.43M. Currently, PWER has 36.01M in debt and 227.91M in cash. PWER is a target of short sellers because of stiff competition, inventory concerns and news that Italy, the company’s largest revenue provider, is reviewing its solar policy and that it may decrease its feed in tariffs, solar, and other renewable energy sources. Implementation of grids remains heavily regulated by government assistance, which has caused the industry to lag in many countries.
We think the shorts are wrong for two reasons: Italy is backtracking on its plan to cut tariffs on renewable energy. Additionally, demand for solar energy products will be on the rise as more solar energy projects move forward in the U.S. and China. We think this will give the share price upward momentum.
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