No Comment From Greenhunter Energy (GRH) On Unusual Stock Surge

Posted by Tate Dwinnell | # |
10:04:46 am on June 11, 2009

Greenhunter Energy’s share price was up by 62% on Tuesday, and the New York Stock Exchange wants to know why. After Greenhunter shares hit their nadir with a record-low price of 91 cents on Tuesday, they surged to $1.86 on Thursday, with a record number of $1.6 million shares sold.

Greenhunter won’t comment on the surge, but Pavel Molchanov, an analyst from Raymond James speculated in the Wall Street Journal that it could be due to Greenhunter’s negotiations with its main creditor, WestLB AG.

"Even though the company hasn’t given specific updates with discussions with the lender, which are ongoing, its possible the market is anticipating a positive resolution to those discussions that would alleviate the company’s liquidity crisis," said Molchanov.

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