PEIX - Here's Why Shares of Pacific Ethanol Skyrocketed 85% in September
Soaring 69% in August, shares of Pacific Ethanol (NASDAQ: PEIX) stayed hot in September and climbed 85%, according to data from S&P Global Market Intelligence . With coronavirus cases continuing to rise, investors recognized that demand for sanitizers and disinfectants will continue to be strong -- as will Pacific Ethanol's high-quality alcohol. Additionally, a strong show of support from Wall Street for the company's stock provided investors with additional reasons to pick up shares.
A leading producer of high-quality alcohol products, Pacific Ethanol gained attention from investors in September as coronavirus cases began to surge in many areas after having slowed down over the summer and as the U.S. death toll surpassed 200,000. As the number of infected people rose through the month, investors recognized the value of the company's decision to increase production capacity. In an investor presentation from Sept. 14, Pacific Ethanol announced that it was expanding annual production capacity from 85 million gallons at the end of the recently completed second quarter to 140 million gallons at the start of 2021.
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Here's Why Shares of Pacific Ethanol Skyrocketed 85% in September