Why Orbital Energy Group Stock Plunged 24% at the Open Today
Shares of Orbital Energy Group (NASDAQ: OEG) fell as much as 24% in the first hour of trading on June 2. That comes one day after the stock rocketed higher by more than 100%. There's a reason for all the volatility, but the big takeaway may not be what you think.
Orbital Energy states that it is looking to maximize "shareholder value through the acquisition and development of innovative companies to create a diversified energy infrastructure services platform." It has divisions tied to renewable power, solar, gas systems, and telecommunications services, among other things. That's kind of surprising for a company with a $300 million market cap (noting the price action above, this figure was closer to $200 million just a couple of days ago). Keep these facts in the back of your mind.
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Source Fool.com