Why Enphase Energy, Beyond Meat, and Pacific Ethanol Stocks All Slumped Thursday
In early afternoon trading Thursday, circa 12:10 p.m. EDT, shares of Beyond Meat (NASDAQ: BYND), Enphase Energy (NASDAQ: ENPH), and Pacific Ethanol (NASDAQ: PEIX) stocks are all down steeply -- and, apparently, all down on no particular news of note.
Shares of plant-based protein producer Beyond Meat have lost 3.8% of their value since last night's closing price. Solar microinverter maker Enphase shares shed 5.2%. Pacific Ethanol stock is down an astounding 12.5%. And about the only thing these three companies seem to have in common is that there's no good reason for them to be going down.
So far as I can tell at least, analysts haven't downgraded any of the three stocks today, nor have they so much as tweaked their price targets lower. None of the companies have announced poor earnings or warned of upcoming disappointments. Granted, we are in the middle of earnings season, and two of these stocks are due to report earnings shortly (Beyond Meat on Oct. 26, followed by Enphase on Oct. 27). With Beyond Meat shares up 75% over the past year, and Enphase up 337%, today's selling could be evidence of nervous investors not wanting to put their profits at risk and selling out ahead of the news "just in case" it's bad.
Source Fool.com
