Pineapple Energy (NASDAQ:PEGY) Shares Scheduled to Reverse Split on Thursday, October 17th

Shares of Pineapple Energy Inc. (NASDAQ:PEGY) are scheduled to reverse split before the market opens on Thursday, October 17th. The 1-50 reverse split was announced on Tuesday, October 15th. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, October 16th.

Pineapple Energy Trading Down 17.1 %

Shares of PEGY stock traded down $0.02 during midday trading on Tuesday, hitting $0.10. The company had a trading volume of 19,066,266 shares, compared to its average volume of 5,756,143. The company’s 50 day simple moving average is $0.50 and its 200 day simple moving average is $1.15. Pineapple Energy has a 52-week low of $0.10 and a 52-week high of $14.70.

Pineapple Energy (NASDAQ:PEGY) last announced its quarterly earnings data on Monday, August 19th. The company reported ($1.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.70) by $1.59. Pineapple Energy had a negative net margin of 15.13% and a negative return on equity of 193.08%. The company had revenue of $13.55 million for the quarter, compared to analysts’ expectations of $20.90 million.

Institutional Investors Weigh In On Pineapple Energy

An institutional investor recently bought a new position in Pineapple Energy stock. Ground Swell Capital LLC purchased a new stake in Pineapple Energy Inc. (NASDAQ:PEGY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 34,894 shares of the company’s stock, valued at approximately $47,000. Ground Swell Capital LLC owned approximately 0.48% of Pineapple Energy at the end of the most recent reporting period. 4.21% of the stock is owned by institutional investors and hedge funds.

About Pineapple Energy

Pineapple Energy Inc engages in the sale, design, and installation of photovoltaic solar energy systems and battery storage systems in the United States. Its brand portfolio includes SUNation, Hawaii Energy Connection, E-Gear, Sungevity, and Horizon Solar Power. The company develops and manufactures energy management software and hardware, such as energy management control devices on solar systems that are paired with batteries.