Alternergy up 9% after biggest gain in stock’s history

Alternergy [ALTER 1.01 8.6%; 218% avgVol] [link], the alternative power producer owned by Vince Perez, the former Secretary of the Department of Energy, was up nearly 9% in heavy trading yesterday on a day when the rest of the market trended significantly lower.

Over P17 million in ALTER shares changed hands during the trading session, which is nearly 10x ALTER’s recent average, and ranks as the stock’s third-highest single day of value traded since its IPO at the start of May.
 

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The massive pump came on the same day that Mr. Perez disclosed his purchase of 44.7 million shares of ALTER from June 5 through June 9, at an average price of P1.27/share.

The stock is up 11% this week, but is only up 1% this month, and is actually still down 21% from its P1.28/share all-primary IPO.

ALTER’s ownership group didn’t sell any secondary shares when it listed as a way of sending a message to the market, and maybe the market is starting to hear the message now that Mr. Perez has put even more of his own money into the stock.

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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.