Pacific Ethanol Inc (NASDAQ:PEIX) shares rose 20.56% to $6.04 on Tuesday, following a steady bullish run in anticipation of the company’s participation in 13th Annual Craig-Hallum Institutional Investor Conference on June 1.
Pacific Ethanol Inc (NXASDAQ:PEIX) shares chalked up an additional 0.50% gain to $6.07 in after-hours trading. Shares are still trading at the lower half of their 52-week range of $2.41 to $12.57. Even so, reports that Candlewood Investment Group increased their stake in the company when share prices dropped is an assuring signal for investors.
Candlewood Investment Group Lp upped its stake to 45.6% earlier in the month by purchasing 3.51 million shares when Pacific Ethanol Inc (NASDAQ:PEIX) stock prices dropped 3.51%. This institutional investor held 10.13 million shares of the company by the end of the first quarter of the year.
Candlewood Investment Group is based in New York and has more than $2.85 billion in assets under management. The fund invests a small portion of its holdings in equities and options, and is known to have a long-term bullish bias on Pacific Ethanol. Based on the latest’s company earnings data from Pacific Ethanol Inc (NXASDAQ:PEIX), it chalked up a net loss of $20.05 million on roughly $1.19 billion in revenue. Its first quarter earnings per share came in at ($0.33) versus analysts’ expectations at ($0.13).
Pacific Ethanol Inc (NXASDAQ:PEIX) is a producer and marketer of low-carbon renewable fuels in the United States, owning and operating over eight ethanol production facilities at which it produces ethanol and co-products. It produces ethanol co-products, including wet distiller’s grains, dry distillers’ grains with soluble, wet and dry corn gluten feed, condensed distillers solubles, corn gluten meal, corn germ, corn oil, distillers yeast and carbon dioxide. In addition, the company markets distiller’s grains and other feed co-products to dairies and feedlots in various cases located near its ethanol plants.
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