Pacific Ethanol Inc (NASDAQ:PEIX) was the recipient of a large decrease in short interest during the month of October. As of October 15th, there was short interest totalling 795,600 shares, a decrease of 37.4% from the September 15th total of 1,270,000 shares. Currently, 1.8% of the shares of the company are short sold. Based on an average daily volume of 492,000 shares, the days-to-cover ratio is currently 1.6 days.
Pacific Ethanol stock traded up $0.01 during trading hours on Monday, reaching $0.59. 123,100 shares of the stock were exchanged, compared to its average volume of 404,966. The stock has a market cap of $27.98 million, a P/E ratio of -0.42 and a beta of 1.71. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.43 and a current ratio of 0.77. Pacific Ethanol has a 52-week low of $0.50 and a 52-week high of $1.90. The firm’s 50 day moving average is $0.63 and its 200 day moving average is $0.79.
Pacific Ethanol (NASDAQ:PEIX) last announced its quarterly earnings data on Wednesday, July 31st. The oil and gas company reported ($0.17) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.02. The company had revenue of $346.30 million during the quarter, compared to the consensus estimate of $377.12 million. Pacific Ethanol had a negative net margin of 4.27% and a negative return on equity of 18.75%. Equities research analysts expect that Pacific Ethanol will post -0.87 EPS for the current fiscal year.
In other Pacific Ethanol news, CEO Neil M. Koehler purchased 100,000 shares of Pacific Ethanol stock in a transaction that occurred on Thursday, August 22nd. The stock was purchased at an average price of $0.57 per share, for a total transaction of $57,000.00. Following the transaction, the chief executive officer now directly owns 932,985 shares in the company, valued at $531,801.45. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.48% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in PEIX. Vanguard Group Inc. increased its holdings in shares of Pacific Ethanol by 55.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,910,502 shares of the oil and gas company’s stock valued at $1,461,000 after purchasing an additional 677,991 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Pacific Ethanol by 42.6% in the 2nd quarter. Renaissance Technologies LLC now owns 2,062,077 shares of the oil and gas company’s stock valued at $1,577,000 after purchasing an additional 615,846 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Pacific Ethanol by 112.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 183,507 shares of the oil and gas company’s stock valued at $140,000 after purchasing an additional 97,036 shares in the last quarter. Finally, A.R.T. Advisors LLC purchased a new position in shares of Pacific Ethanol in the 2nd quarter valued at about $34,000. Institutional investors and hedge funds own 41.72% of the company’s stock.
A number of equities analysts have commented on the stock. HC Wainwright cut their price objective on shares of Pacific Ethanol from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. ValuEngine downgraded shares of Pacific Ethanol from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. Finally, Zacks Investment Research upgraded shares of Pacific Ethanol from a “sell” rating to a “hold” rating in a research report on Thursday, July 4th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $4.00.
About Pacific Ethanol
Pacific Ethanol, Inc produces and markets low-carbon renewable fuels and alcohol products in the United States. The company operates in two segments, Production and Marketing. It produces and markets ethanol; and co-products, such as wet and dry distillers grains, wet and dry corn gluten feed, condensed distillers solubles, corn gluten meal, corn germ, corn oil, distillers yeast, and CO2, as well as markets ethanol produced by third parties.
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