Pineapple Energy stock ($PEGY): what made it jump 75% on Thursday?

By:
on May 16, 2024
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  • Pineapple Energy is rallying today despite a lack of news.
  • $PEGY is still down significantly for the year at writing.
  • Pineapple Energy stock may have joined the meme stock craze.

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Pineapple Energy Inc (NASDAQ: PEGY) is up a whopping 75% this morning even though there hasn’t been an announcement or news that could have catalysed such a huge surge in its share price. 

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Did $PEGY join the meme stock craze?

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What the price action may suggest is that $PEGY has joined the meme stock craze particularly considering the massive trading volume today.

More than 120 million shares of Pineapple Energy have exchanged hands as of writing on Thursday versus about 30 million only on average. 

Plus, short interest in PEGY shares sits at about 10.18% of the float at writing. 

Pineapple Energy stock rallied close to 50% on Wednesday as well which also suggests an ongoing short squeeze

Pineapple Energy stock is still down YTD

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Note that Pineapple Energy is a penny stock with a market cap of under $8.0 million. That makes it vulnerable to high volatility and manipulation as well. 

Despite the recent rally, $PEGY is still down significantly versus the start of 2024. 

The development in Pineapple Energy stock arrives only days after the solar energy company reported $13.2 million in revenue for its first financial quarter – down some 40% on a year-over-year basis. 

The meme stock craze returned this week after Keith Gill or “Roaring Kitty” made a post on X for the first time since the pandemic. His tweet was significant as he’s pretty much the pioneer of the meme stock phenomenon.

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