Steven D. Hogge, President of Power Solutions Strategic Business Unit at Power One Inc. (NASDAQ: PWER), this week, bought $161,152 worth of PWER shares.
Hogge bought 40,000 shares of PWER common stock at $4.03 per share.
Power One shares are sharply higher in trading today. At last check, the stock was trading 7.03% higher at $4.18 on volume of 1.16 million. Year-to-date, PWER shares have gained 7.42%.
Based in Camarillo, California, Power One is a designer and manufacturer of inverters for the renewable energy industry.
Power One reported its most recent quarterly results (Q1) earlier this month. PWER reported first-quarter net sales of $226 million. The company’s Renewable Energy Solutions contributed $149 million to total sales. Power Solutions posted sales of $77 for the quarter.
Power One reported first-quarter net income of $5 million, or $0.03 per share, which included a loss, net of tax, of $0.04 per share on foreign currency reimbursement.
Commenting on the first-quarter results, Richard Thompson, CEO of Power-One, said earlier this month that in the first quarter of 2012, PWER was able to exceed its revenue guidance forecast as a result of higher demand for residential and commercial inverters in Europe. Thompson said that the company expects these trends will continue into the second quarter as customers commission PV assets ahead of announced of expected reductions in subsidies.