FRANKFURT (dpa-AFX) - Shares of SMA Solar gained significant momentum on Monday as the company continued to recover from its early August price plunge. The inverter manufacturer's stock soared more than 15 percent at the start of the week, reaching its highest level in almost two weeks. On September 2, following another profit warning, the share price had plummeted by over 30 percent to as low as €15.41. Since then, the stock has rebounded by more than a third, climbing as high as €21.12. From a technical analysis perspective, the jump above several key trendlines has also notably improved the chart outlook.
Investors were drawn in at the start of the week by news that SMA board member Jürgen Reinert had recently purchased stock packages on the exchange, totaling nearly €209,000, according to a company announcement. Market observers noted that, especially after the shares hit their lowest level since early May, such a move by the company's CEO signals a degree of confidence. Prior to the announcement, SMA's share price was up a much more modest 4.5 percent late Monday morning as part of its recovery.
