It seems like quite the rollercoaster ride for shares of Lucas Energy, Inc. (NYSEMKT:LEI) as of late. After soaring to over 380% last Wednesday before leveling off, the stock is at it again today.
While myself and several analysts said that they believe that the increase in stock price is not justified by the company’s recent acquisition of resource-rich land, investors apparently feel otherwise.
It should be interesting to follow shares of Lucas Energy, Inc. (NYSEMKT:LEI) this week as more investors have more time to dissect the company’s acquisition and determine if they feel it is a worthy investment even though they are, in essense, being faced with a heavy dilution of shares.
The stock is up 18.71% or $1.25 following the news, hitting $7.93 per share. About 61,390 shares traded hands. LEI has risen 4075.00% since June 1, 2015 and is uptrending. It has outperformed the S&P500 by 4077.12%.
Lucas Energy, Inc. is an independent gas and oil company. The company has a market cap of $11.72 million. The Firm is engaged in the acquisition and development of natural gas and crude oil from various known productive geological formations, including the Austin Chalk, Eagle Ford and Buda formations, primarily in Gonzales, Wilson and Karnes Counties south of the city of San Antonio; and the Eaglebine, Buda, and Glen Rose formations in Leon and Madison Counties north of the city of Houston, Texas. It currently has negative earnings. The Firm has leasehold interests (working interests) in approximately 17,628 gross acres, or 13,314 net acres.