It has been a rough week for the Vulcan Energy Resources Ltd (ASX: VUL) share price, falling around 12% to its current $10.54 price point.
In early trade today, the net-zero lithium aspirant is trading 0.85% lower. Meanwhile, the company remains a considerable 57% away from its 52-week high.
An ASX filing earlier in the week is the latest development for the Vulcan Energy share price. Let’s take a closer look at the details.
Rinehart partially cashes out during Vulcan attack
The past two months have been tumultuous for Vulcan Energy and its directors. Following a scathing report from short-seller J Capital, the ASX-listed company has been busily operating in damage control mode. However, this finally came to an end on 15 December with a settlement between Vulcan and J Capital.
Momentarily the dust had settled for the clean energy company until the latest ASX filing, which might have drawn the attention of investors. The filing in question is a ‘change in substantial holding’ notice regarding the holdings of mining magnate Gina Rinehart.
According to the filing, Rinehart decided to partake in the Vulcan Energy share price sell-off. Over the course of three days between 8 November and 10 November, the billionaire sold 930,000 Vulcan shares. Based on the prices of each sale, the total value sold was $10.2 million.
This might be sounding the alarm bells for some Vulcan Energy investors. Though it’s worth mentioning Rinehart still retains more than 7 million shares worth roughly $78 million.
Vulcan Energy share price snapshot
It’s hard to paint 2021 as a bad year for the Vulcan Energy share price. Probably because in quantifiable terms it wasn’t. Since the start of the year, shares in the lithium hopeful have skyrocketed 283%.
In fact, if the company were in the S&P/ASX 200 Index (ASX: XJO) it would be the fourth-best performing share in the last year.