Avalon stock rockets up
HOWLAND — After shares of locally-based Avalon Holdings Corp. stock jetted up in a five-day rally beginning last week, the company’s stock was lauded by one financial analyst as the “most talked about stock this weekend.”
A filing late Friday showed that Bahamas-based MintBroker International Ltd. took a new $1.92 million stake in the Howland-based waste management company.
In response to numerous inquiries about the trading activity, Avalon Holdings on Monday released a statement saying it reviewed documents filed by the buyer with the Securities and Exchange Commission, and noting that Avalon Holdings was not affiliated with the company.
“Avalon has no information about that entity’s intentions regarding its holdings,” the release states.
Ronald Klingle, Avalon chairman and CEO, who holds about 67 percent of the voting power in Avalon, also said he had no plans to divest his holdings, according to the company’s statement.
While officials remain confident in Avalon’s business plan, they had no knowledge of what would have warranted the stock activity over the last five days, according to the disclosure.
The stock closed Monday at $6.06 per share after peaking at $18.43 earlier in the day Monday. Friday it had closed at $10.25, up from $2.21 one week earlier.
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