Profit booking can often come as a setback for shareholders in a company but at the same time it could also be an opportunity for new investors. This past Friday, investors seemed to have decided that it was time to book some of their profits in the Enerkon Solar International Inc (OTCMKTS:ENKS) stock and as a consequence, the stock fell sharply by as much as 32%.
On Friday, ENKS stock slumped 32.38% to $0.01450 with more than 9.4K shares, compared to its average volume of 37K shares. The stock has moved within a range of $0.0400 – 0.0510 after opening the trade at $0.0400.
While the drop in the share price was considerable, it should be noted that over the past week the stock has performed strongly and is still up by as much as 48% during the period.
Despite the frenetic action in the Enerkon Solar stock in the past week or so, it is necessary for investors to keep in mind that there has been no news about the company at all since June this year. At the time the company announced that Carbon County PA USA Solar/Hydrogen Project was progressing well.
The company added that a signed lease was in place along with a buy option that had come from the owner. While it was an important announcement, the latest rally might not have been triggered by that and hence, investors need to tread a bit carefully.