Yesterday, PGI Energy Inc (PINK:PGIE) grabbed the attention of the market with a huge volume explosion. In fact, the number of traded shares was a record high in the company’s history.
At the end of the day a total of 162.4 million shares had changed hands which is nearly 20 times higher than the daily average. PGIE started the session with the usual low trading activity but approximately one hour after the opening bell, the volume spiked up suddenly with the first traded batch being nearly 10 million shares.
PGIE started generating more and more volume after a couple of trade alerts popped up drawing the attention of the mass market towards the peculiar action with PGIE stock. First, around 12 p.m. EDT Bull Rally issued a volume alert on PGIE and then, one hour later another promoter called Moving Pennies also issued a mid-day report on the company. [BANNER]
While PGIE was accumulating more and more volume, its stock price felt a serious buying pressure and at the end of the day the company’s shares where 83% higher than the previous close.
Unfortunately, there was no apparent reason behind the intensive trade which is not surprising given the company’s limited information status on the OTC Markets. The only hint about the stock action came from Moving Pennies who implied that “news should be coming.”
However, common investors would hardly be satisfied with implication so it is necessary that the company put more light on what could have caused the stock action yesterday. Investors should also take a look at the stock chart of PGIE and bear in mind the devastating devaluation of PGIE stock over the last five months, before they prepare to trade the stock.
