Pacific Ethanol Inc. (PEIX) Shares Up 6.4%
Pacific Ethanol Inc. (NASDAQ:PEIX) shares shot up 6.4% during mid-day trading on Tuesday . The company traded as high as $6.18 and last traded at $6.13, with a volume of 383,580 shares changing hands. The stock had previously closed at $5.76.
A number of brokerages have issued reports on PEIX. Zacks Investment Research cut Pacific Ethanol from a “hold” rating to a “sell” rating in a report on Wednesday, May 4th. HC Wainwright reissued a “buy” rating on shares of Pacific Ethanol in a report on Tuesday, May 24th. Finally, Rodman & Renshaw began coverage on Pacific Ethanol in a report on Tuesday, May 24th. They set a “buy” rating and a $11.00 price objective for the company. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $9.17.
The firm’s market capitalization is $260.73 million. The firm’s 50 day moving average price is $5.74 and its 200 day moving average price is $4.54.
Pacific Ethanol (NASDAQ:PEIX) last posted its earnings results on Wednesday, May 4th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by $0.19. During the same quarter in the previous year, the firm earned ($0.19) earnings per share. The company earned $342.40 million during the quarter, compared to analyst estimates of $360.37 million. The company’s revenue was up 66.1% compared to the same quarter last year. Equities research analysts predict that Pacific Ethanol Inc. will post ($0.13) EPS for the current year.
In related news, VP Christopher W. Wright sold 31,000 shares of the business’s stock in a transaction that occurred on Thursday, June 9th. The stock was sold at an average price of $6.00, for a total transaction of $186,000.00. Following the transaction, the vice president now directly owns 63,936 shares of the company’s stock, valued at approximately $383,616. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Other hedge funds recently added to or reduced their stakes in the company. Marshall Wace LLP increased its stake in Pacific Ethanol by 1.3% in the fourth quarter. Marshall Wace LLP now owns 409,972 shares of the company’s stock worth $1,960,000 after buying an additional 5,340 shares during the last quarter. GSA Capital Partners LLP increased its stake in Pacific Ethanol by 51.6% in the fourth quarter. GSA Capital Partners LLP now owns 626,253 shares of the company’s stock worth $2,993,000 after buying an additional 213,212 shares during the last quarter. Boston Partners increased its stake in Pacific Ethanol by 9.6% in the fourth quarter. Boston Partners now owns 2,463,018 shares of the company’s stock worth $11,773,000 after buying an additional 216,550 shares during the last quarter. Finally, Russell Frank Co increased its stake in Pacific Ethanol by 7.6% in the fourth quarter. Russell Frank Co now owns 542,186 shares of the company’s stock worth $2,489,000 after buying an additional 38,462 shares during the last quarter.
Pacific Ethanol, Inc (Pacific Ethanol) is a marketer and producer of low-carbon renewable fuels in the Western United States. Pacific Ethanol markets all the ethanol produced by four ethanol production facilities located in California, Idaho and Oregon, or the Pacific Ethanol Plants, all the ethanol produced by three other ethanol producers in the Western United States and ethanol purchased from other third-party suppliers throughout the United States.
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