Pacific Ethanol Inc (NASDAQ:PEIX) is attempting to regain its 200-day moving average which has served as critical resistance and is likely to continue to do so. The near-term outlook will depend on the price movement in the next few days. A close above $1.33 will impart bullishness and will help the stock move to the 1.50 – 1.61 zone.
Pacific Ethanol Inc. (PEIX): PEIX is among the largest producers of ethanol in North America. It is engaged in the production, transportation, storage and sale of ethanol and wet distillers' grain in the western U.S. PEIX is noticeably absent from the holdings of most of the 30+ mega funds that we track, most likely because of the low sub-$1 price it has traded at until recently, and probably not a reflection on the perceived value in PEIX. Goldman and Vanguard are the only ones with a position in the company, at $0.4 and $0.2 million respectively. Overall, 33 institutions hold 2.3% of PEIX shares, with Hudson Bay Capital Management ($0.8 million) being the top holder with 0.8% of the outstanding shares.
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