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Pineapple Energy Inc. (NASDAQ:PEGY) shares are trading lower Tuesday after the company announced it will effect a 1-for-50 reverse stock split.
The Details:
The stock will begin trading on a post-split basis on Thursday, Oct. 17, and the reverse split will reduce the number of outstanding shares from 133.3 million shares to 2.66 million shares. Pineapple Energy said the reverse stock split is primarily intended to increase the market price per share of the company’s stock to regain compliance with the Nasdaq minimum bid price requirement.
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Pineapple Energy shares climbed last Thursday after the company announced its subsidiary SUNation Energy signed an exclusive partnership with Empire Automotive to provide Level 2 EV charging stations to electric vehicle (EV) customers across its 20 locations.
According to data from Benzinga Pro, Pineapple Energy shares are down on heavy trading volume Tuesday and trading well-below the stock’s 50-day moving average of 51 cents.
By now you're likely curious about how to participate in the market for Pineapple Energy – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of Pineapple Energy, which is trading at $0.11 as of publishing time, $100 would buy you 909.09 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
PEGY Price Action: According to Benzinga Pro, Pineapple Energy shares are down 14.7% at 10 cents at the time of publication Tuesday.
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Image: Oleg Gamulinskii from Pixabay
Posted In: PEGY
