Waaree Energies shares jump over 8% in 2 days. Here's why
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Waaree Energies shares price target
Shares of Waaree Energies gained 8.4% in the last two trading sessions after its U.S.-based subsidiary secured a 540 megawatt (MW) solar module supply contract from a major American developer of utility-scale solar and energy storage projects.The deal, finalized on June 27, will be executed through a one-time international supply arrangement. Waaree Solar Americas will deliver 270 MW of modules in 2025, with the remaining 270 MW scheduled for 2027–2028, the company disclosed in a stock exchange filing on Friday.This latest deal adds to Waaree's recent string of international wins. In the past few weeks, the company has secured two other large U.S. orders, one for 586 MW and another for 599 MW of solar modules. The flurry of contracts comes as Waaree looks to ramp up its presence in the North American market.The company is also doubling its manufacturing capacity at its Brookshire, Texas, facility to 3.2 gigawatts (GW) by the end of 2025.In a statement issued earlier last week, Waaree reaffirmed its compliance with U.S. trade regulations, including Foreign Entity of Concern (FEOC) rules, and disclosed that its order book now stands at 25 GW through 2027.Meanwhile, in early trade today, the stock rose 2% to Rs 3,199.10, but later slipped to Rs 3,092, down 1.5% as of 11:04 am.According to Trendlyne, the stock has an average target price of Rs 2,602, suggesting a potential downside of around 16%. Four analysts currently hold a 'Sell' rating on the stock.Despite the bearish outlook, Waaree Energies shows bullish technical momentum. The stock is trading above all key moving averages (5-day to 150-day SMAs), and the Relative Strength Index (RSI) stands at 65.1—indicating strong momentum but not yet in overbought territory.Waaree shares have gained 11% in the past two weeks and 30% over the last three months. The company's current market capitalisation stands at Rs 89,056 crore.
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