The chart below summarizes the on-going collapse of Argan (AGX). Argan is being obliterated for a very good reason. It is a specialty construction company that has run out of projects to build. More specifically, Argan specializes in building new electric gas-power plants and transforming coal-powered plants to gas-powered ones.
Agran hit its backlog peak in late 2016 at approximately $1.17 billion. Since then the company has been unable to maintain the same level of activity and is completing projects without finding sufficient new business to replace them. This