Pacific Ethanol Inc. (Nasdaq: PEIX) suffered a rare down day yesterday when it closed down $1.51 (4.83%) to $29.74. The selling started after another scorching start which saw the stock reached its 52 week high of $33.93.
This is strange territory for Pacific Ethanol since its seen only a few down days in its incredible run. The stock was close to hitting the 1B market cap Tuesday morning, but that’s when the selling started. The volume was very high and it seems like there is a lot of insider selling going on according to Yahoo! Finance.
Today will be interesting since I don’t remember PEIX going down two consecutive days. Also check out the latest pics of the Madera plant on the company’s website. The plant seems to be coming along very nicely. The annual report should be coming out any day now.