The market is in ‘risk off’ mode as all three indexes are in the red today and the 10-year Treasury yield is near its 2016 low as investors brace for a potential Brexit. Among the stocks moving more than the indexes are Gevo, Inc. (NASDAQ:GEVO), Orbotech Ltd (NASDAQ:ORBK), BP plc (ADR) (NYSE:BP), Emerge Energy Services LP (NYSE:EMES), and New Concept Energy, Inc. (NYSEMKT:GBR). Let’s see what the world’s greatest investors think of each stock and see how and why other traders are buying and selling them today.
Our research determined that following the small-cap stocks that hedge funds are collectively bullish on can help a smaller investor to beat the S&P 500 by around 95 basis points per month (see the details here).
Gevo to Make a Stock Offering
Nano-cap Gevo, Inc. (NASDAQ:GEVO)‘s shares are off by almost 35% today after the company priced its best efforts public offering of just over 21.08 million shares of common stock at $0.45 per share. Cowen and Company is the sole book runner and the offering is expected to close on or around June 15, 2016. Gevo expects to raise around $9.5 million in gross proceeds and will use the money raised for general corporate purposes. Gevo, Inc. (NASDAQ:GEVO) shares took off a few days ago after Alaska Air Group, Inc. (NYSE:ALK) conducted two commercial flights using Gevo’s renewable alcohol-to-jet fuel. Of the 766 elite funds that we track, just two owned shares of Gevo, Inc. (NASDAQ:GEVO) at the end of March. As with all nano-caps, due diligence is required before any purchase.
Orbotech Prices Offering
Orbotech Ltd (NASDAQ:ORBK) is 7% lower after it priced a public offering of 3.85 million shares plus the underwriter over-allotment option of 385,000 shares at $26.52 a piece. Gross proceeds from the issuance are expected to amount to $102.1 million and the company plans to use the money to repay a percentage of its outstanding indebtedness under its credit agreement dated as of August 7, 2014. Jim Simons‘ Renaissance Technologies owned more than 2.00 million shares of Orbotech Ltd (NASDAQ:ORBK) at the end of the first quarter.
On the next page we examine why BP plc, Emerge Energy Services, and New Concept Energy and moving (and shaking) today.