Shares of Velocys PLC (LON: VLS) today surged 32.9% breaking out of a six-month trading range despite the lack of major announcements from the sustainable fuels company.
The company, which aims to produce sustainable fuels for the airlines and heavy transport sectors has seen its stock trade sideways for the past six months as most airlines remained grounded across the globe.
However, today’s rally has seen its stock price break out of the months-long consolidative trading range and may signal the beginning of a new bullish trend.
The company also stands to benefit from the shift to sustainable investing by major funds, looking for solid green energy companies to invest in going into the new year.
Velocys is also well-positioned to benefit from the resumption of normal air travel and normal business operations that will revive the heavy transport and airline industries, which are its target customers.
The company looks like a solid sustainable stock for investors as 2020 draws to a close.
Velocys share price
Velocys share price surged 32.9% to trade at 10.9p having rallied from Tuesday’s closing price of 8.2p.