Pineapple Energy Stock Soars: What's Going On?

Pineapple Energy Inc. PEGY shares are trading higher Tuesday. The company announced on Friday that its New York-based subsidiary SUNation signed a 1.95-megawatt project.

The Details:

The company said SUNation will begin work on the large-scale commercial installation in early July, and the project will feature an expedited installation.

“Projects of this size and complexity can take years to develop. This project went from first contact to execution in a matter of months. This developer knew exactly what they wanted and who they wanted to work with. Congratulations to my SUNation Commercial and Industrial team for the herculean effort to meet the requirements of this project,” said Scott Maskin, Interim CEO of Pineapple Energy.

Pineapple Energy shares are moving on heavy trading volume with more than ten times its average daily volume already traded in the session, according to data from Benzinga Pro. 

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Should I Sell My PEGY Stock?

When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.

Shares of Pineapple Energy have decreased by 74.71% in the past year. An investor who bought shares of Pineapple Energy at the beginning of the year would take a loss of $0.29 per share if they sold it today. The stock has risen 443.38% over the past month, meaning an investor who bought shares on April 1 would see a capital gain of $0.28.

Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Pineapple Energy stock currently has an RSI of 59.85, indicating neutral conditions.

For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.

PEGY Price Action: According to Benzinga Pro, Pineapple Energy shares are up 75% at 31 cents at the time of publication Tuesday.

Image: Nuno Marques on Unsplash