John Burbank is Bullish on Solazyme Inc (SZYM); Passport Capital Boosts Stake to 6%

In the equity portfolio of John Burbank‘s Passport Capital, the holding of Solazyme Inc (NASDAQ:SZYM) has climbed a couple of positions recently, following Passport raising significantly its stake. According to a new filing, Mr. Burbank raised his stake to around 4.35 million shares of the company, equal to 6.2% of the stock. Earlier, Passport held around 200,000 shares of Solazyme in its equity portfolio.

John Burbank PASSPORT CAPITAL

Recently, Solazyme Inc (NASDAQ:SZYM) conducted a sale of 5.75 million common shares and around $150 million of its 5.00% Convertible Senior Subordinated Notes due 2019. According to a statement, the net proceeds from the deal amounted to over $200 million, which the company will use for capital expenditures and corporate purposes.

The share price of Solazyme Inc (NASDAQ:SZYM), which is engaged in production of renewable oil, has picked up by less then 1.0% since the beginning of the year. Aside from Mr. Burbank, several other hedgies seem to be bullish on the company. Chuck Royce of Royce & Associates has raised his stake by more than a tenfold to over 204,900 shares held at the end of 2013. On the other hand, Michael Platt and William Reeves, the managers of Bluecrest Capital Mgmt., left their stake unchanged at some 280.500 shares.

Also, last month Solazyme Inc (NASDAQ:SZYM) introduced a new product on the market of biofuels, Encapso, which is the first encapsulated biodegradable lubricant for drilling fluids. According to the company, the new product has proven itself efficient during field testing in a number of commercial oil wells, helping to speed up the drilling process and control and protecting the equipment.

During the past couple of years, the small cap company Solazyme Inc (NASDAQ:SZYM) has been posting losses and missing the analysts estimates. For the last year, the company reported a net loss of -$1.38 per share, down from $1.16 reported for 2012. The revenue of the company also declined to $39.8 million, from $44.1 million. For the current year, the analysts expect the company to report a negative EPS of -$1.31, on revenues worth around $117 million. Nevertheless, the stock is appreciated as ‘Overweight,’ with the average target price set at above $13 per share.

Yesterday, Mr. Burbank has disclosed reducing the position in the China based company 58.com Inc (ADR) (NYSE:WUBA), of which it now holds 2.0 million shares, down from 3.7 million reported previously.

Disclosure: none

Recommended Reading:

John Burbank’s Largest Stock Picks

John Burbank, Passport Capital Initiate Stake in Post-IPO Sungy Mobile Ltd (GOMO)

Second Wave of Moves from SAC Capital

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

6 Ways to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

5 Most Valuable Brands in China

The 10 States with Highest Substance Abuse Rates Crippling Their Populace

The Top 10 Things to Do Before You Die That Will Echo for Eternity

The 10 Best Selling Items on Etsy

Top 10 Things to Do in Tokyo, the Greatest City in the World

10 Mistakes on Social Media that Can Harm You and Will Probably Get You Canned

The 10 Best Cities to Find Jobs in 2014

The 10 Most Controversial Songs Of All Time to Hit (and get Banned from) the Airwaves

The 20 Biggest IPOs in US History

The 10 Best Places to Visit in Mexico that Are Beautiful and Safe

7 Bad Habits that Age You Beyond Your Years

The 40 Best Fortune Cookie Sayings That Will Leave You Bemused, Befuddled, or Beguiled

10 Foods to Eat Before a Workout to Make Every Drop of Sweat Count

The 5 Best Documentaries On Netflix You Must See

The Most Heartwarming and Inspirational Story Of This Halloween Season, It Will Make You Cry and Jump For Joy

10 Best Party Songs of All Time to Bring the House Down With

5 New World Order Conspiracy Theories that Will Strangle the World

The 10 Highest Rated Movies of 2014

The 10 Largest Container Shipping Companies in the World

The 10 Largest Armies in the World: Who Should We Be Afraid Of?

Best Warren Buffett Quotes on Money You Need to Hear

The 10 Highest Suicide Rates by Profession

The 20 Most Underrated Movies of All Time

The 10 Fastest Growing Companies in America

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!