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.
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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.
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.
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.