PNE says recent stock price losses are "incomprehensible"

German renewables developer and wind power producer PNE AG (ETR:PNE3) on Monday acknowledged a significant drop in its share price over the last few trading days, saying that these losses “are incomprehensible and driven by speculation.”

This month, the company’s stock price fell from EUR 14.68 (USD 16.41) on August 1 to a close of EUR 12.14 on Friday before going back up a bit to EUR 12.50 at midday Monday.

“From our point of view, there is no reason for the share price slide in the development of PNE’s business or in the fundamentals. On the contrary: as already explained in the report on the first half year, the operational development is progressing well and we are on schedule,” stated Per Hornung Pedersen, CEO of PNE AG.

Pedersen also reiterated that the company guides for a full-year earnings before interest, tax, depreciation and amortisation (EBITDA) range of EUR 40 million to EUR 50 million and that PNE believes it is well positioned for the following years.

(EUR 1.0 = USD 1.118)

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