More than 2.2 million shares of the Chinese company were traded by 11:25 a.m., a significant increase from the stock's daily average trading volume of about 95,600 shares a day.
In a press release China Recycling Energy said it is unaware of any material developments beyond its recent news releases and SEC filings that could explain the trading activity. The company added that its projects are currently under construction and are on schedule.
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TheStreet Ratings team rates CHINA RECYCLING ENERGY CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHINA RECYCLING ENERGY CORP (CREG) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and weak operating cash flow."