Total speculation at this point but what else do we have. Maybe a ratings downgrade in the works sniffed out by some institutional investors, or a possible dividend reduction, or bad Q1 numbers coming on the May 10th earnings release.

Either way, Innergex has not turned out to be a very good investment over the past few years. That $30+ was the high point of the enthusiasm which has waned considerably and patience is also waring very thin.

Hydro Quebec also invested $661 million at $19.08 per share in February 2020 to own 19.9% of the company. (around 35 million shares) We need them to stay invested to keep the share price from cratering further. They have invested more over the past 2 years to stay at the 19.9% ownership level. All those shares are under water.

At the same time Hydro Quebec came on board Innergex announced it's 7th yearly dividend increase in a row. That regular divy increase allure and stability that investors like Hydro Quebec liked is gone for the forseeable future.

This is not the same company it was 2 years ago in the mind of retail and Institutional investors. 

Hopefully they can turn things around.