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Investors Go Crazy Over Lucas Energy

Joel Elconin

Lucas Energy, Inc. (NYSE: LEI) shares traded higher by 500 percent at one point on Thursday after beginning the day below $2 per share.

In a press release, the company said it has signed a purchase agreement for undeveloped properties from 21 different entities, including two blocks of land in the Mid-Continent region.

The issue, which has traded a combined 30k for the first three days of the week, has traded 7 million shares with over four hours remaining in the session.

After ending Wednesday's session at $1.65, it bottomed at $1.85 off it opening print and began to scream higher.

So far, it has reached $10.66 and continues to make new highs for the session.

This marks the first time the issue has traded over $10 since February when it peaked at $11.25. Its low for the year was made in July at $1.41 and traded as low as $1.57 only on December 8 and $1.59 in Wednesday's session.

See more from Benzinga

© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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