Why Is Pineapple Energy (PEGY) Stock Up 67% Today?

  • Pineapple Energy (PEGY) stock is up on Monday with a new agreement.
  • The company is working alongside Conduit Capital for business operations.
  • This news brings heavy trading to PEGY stock this morning.
PEGY Stock - Why Is Pineapple Energy (PEGY) Stock Up 67% Today?

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Pineapple Energy (NASDAQ:PEGY) stock is rocketing higher on Tuesday after the solar energy company announced a new agreement with Conduit Capital.

That agreement will see Conduit Capital provide Pineapple Energy with its services, including structural internal support, staffing and capital-raising activities.

This will see Conduit Capital’s Robert Zulkoski, Andy Childs and Melissa Obegi assisting Pineapple Energy with its operations. At that same time, Pineapple Energy Chief Financial Officer Eric Ingvaldson has tendered his resignation. He will leave the company on Aug. 30, 2024.

Conduit Capital CEO Zulkoski said the following about the agreement:

“One visit to the SUNation offices on Long Island solidified our position with Pineapple, and we are all-in to help make this a great company and an important leading nationwide broad electrification platform.”

PEGY Stock Movement on Tuesday

With this news comes heavy trading of Pineapple Energy shares this morning. As of this writing, more than 9.9 million shares of PEGY stock have changed hands, well above the company’s daily average trading volume of about 5.3 million shares.

PEGY stock is up 66.7% as of Tuesday morning. The stock was down 87.2% year-to-date when markets closed yesterday.

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We have all of the hottest stock market news available on Tuesday! That includes the biggest pre-market stock movers this morning and more of the latest happenings today. You can catch up on all of that at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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