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Here’s Why Intrepid Potash, Tellurian, TOP SHIPS, and More Are on the Move

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While all three major indexes might be modestly in the red, shares of five stocks, Intrepid Potash, Inc. (NYSE:IPI), Barnes & Noble, Inc. (NYSE:BKS), Tellurian Inc (NASDAQ:TELL), TOP SHIPS Inc (NASDAQ:TOPS), and Globus Maritime Ltd (NASDAQ:GLBS), are considerably more volatile this afternoon.

In this article, let’s uncover why traders are buying and selling each stock and analyze smart money sentiment using 13F filings.

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

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Intrepid Potash, Inc. (NYSE:IPI) shares are more than 4% in the red this afternoon after the company priced a 45.5 million secondary offering at $1.2 per share. In addition, underwriters have the option to buy 6.5 million more shares of stock at the same price. Intrepid will use the proceeds to pay down debt and for general corporate purposes. Of the 742 elite funds we track, 8 funds owned $17.73 million of Intrepid Potash, Inc. (NYSE:IPI) and accounted for 11.10% of the float on December 31, versus 6 funds and $7.36 million respectively on September 30.

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Barnes & Noble, Inc. (NYSE:BKS) has popped more than 11% after the company’s board of directors approved a new stock buyback program of up to $50 million shares. Although the program will be utilized at management’s discretion and can be discontinued at any time, the buyback would remove around 8% of the float at current prices if fully executed. 19 top funds owned shares of Barnes & Noble, Inc. (NYSE:BKS) at the end of the fourth quarter, up 4 funds from the previous quarter.

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Tellurian Inc (NASDAQ:TELL) shares have fallen almost 10% after the company filed a 8-K with the SEC disclosing that the company may sell shares of its common stock through Credit Suisse for aggregate sales proceeds of up to $200 million. None of the funds that we track were long Tellurian Inc (NASDAQ:TELL) at the end of Q4.

On the next page, we examine TOP SHIPS Inc, and Globus Maritime Ltd.

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