Streetbeat News

Equity Actions

FMX

Fomento Economico (NYSE:FMX) has seen a decrease in short interest, with the short percent of float dropping 4.26% since the last report. The company has 971 thousand shares sold short, representing 0.45% of available shares, with a cover time of 3.57 days. This decline in short interest may indicate a more bullish sentiment among investors, although it does not necessarily predict a near-term price increase. FMX's short interest is below its peer group average of 7.49%.

Portfolio Pulse from Benzinga Insights

January 17, 2024 | 2:00 pm

KMX

Analysts have mixed opinions on CarMax (NYSE:KMX), with recent ratings ranging from bullish to bearish. Over the last quarter, there were 4 somewhat bullish, 1 indifferent, and 1 somewhat bearish ratings. The average 12-month price target is $79.67, a slight increase from the previous $78.00. CarMax is a major used-vehicle retailer in the U.S. with about 4% market share. Despite a -5.49% revenue decline over 3 months, CarMax maintains a strong net margin of 1.33% and an ROA of 0.3%, but has a lower-than-average ROE of 1.36% and a healthy debt-to-equity ratio of 3.22.

Portfolio Pulse from Benzinga Insights

January 17, 2024 | 2:00 pm

ALEC

Alector, Inc. (NASDAQ: ALEC), a biotech company, has priced a public offering of 10,869,566 shares at $75 million. The offering is set to close on January 19, 2024, with Cantor Fitzgerald & Co. as the sole book-runner. Alector also granted a 30-day option to purchase up to an additional 1,630,434 shares. The proceeds are before underwriting discounts, commissions, and estimated offering expenses.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 1:58 pm

DATS

DatChat's stock price is trading lower following the announcement of a $1.8 million underwritten public offering of common stock.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 1:52 pm

GBDC

Golub Capital BDC, Inc. (NASDAQ:GBDC) announced preliminary financial results for Q1 ended December 31, 2023, showing strong performance with record Adjusted Net Investment Income per share and robust credit quality. Consequently, GBDC increased its base quarterly distribution from $0.37 to $0.39 per share. Additionally, GBDC's investment adviser, GC Advisors LLC, agreed to reduce income and capital gain incentive fee rates from 20.0% to 15.0%.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 1:52 pm

GBDC

Golub Capital BDC, Inc. (GBDC) has announced a definitive merger agreement with Golub Capital BDC 3, Inc. (GBDC 3), with GBDC as the surviving entity. Post-merger, GBDC's total assets at fair value are expected to rise from $5.5 billion to $8.1 billion, with investments in over 340 portfolio companies. The merger is subject to stockholder and regulatory approvals and is expected to close in Q2 2024. GBDC's investment adviser, GC Advisors LLC, has agreed to reduce incentive fees from 20% to 15%, effective January 1, 2024. The merger is anticipated to be accretive to GBDC's net investment income per share, and GBDC has increased its quarterly base distribution by over 5% to $0.39 per share, payable on March 29, 2024. Additional special distributions totaling $0.15 per share are also planned post-merger. GBDC will remain externally managed by GC Advisors, and all officers and directors will retain their roles.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 1:50 pm

PHUN

Phunware Inc (NASDAQ:PHUN) shares plummeted after announcing a $7 million registered direct offering of approximately 87.5 million shares at 8 cents per share. The offering was priced at-the-market under Nasdaq rules. Proceeds are intended for working capital and corporate purposes, including product initiatives. This follows a surge in Phunware shares due to former President Donald Trump's Iowa caucus win, recalling Phunware's past work on Trump's 2020 campaign app. PHUN stock dropped 61.1% to $0.1648 post-announcement.

Portfolio Pulse from Adam Eckert

January 17, 2024 | 1:49 pm

PHUN

Phunware Inc. has announced a registered direct offering priced at-the-market under Nasdaq rules, amounting to $7 million. This has led to a decline in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 1:48 pm

REBN

Reborn Coffee, Inc. has announced a 1-for-8 reverse stock split. This corporate action is typically used by companies to boost their share price by reducing the number of shares outstanding, which can help them meet minimum price requirements for stock exchanges and appear more attractive to investors. However, reverse splits can also be perceived negatively as they may signal that a company is in distress and trying to avoid delisting. The immediate effect on the stock price is an increase in the per-share price, but the market capitalization remains the same since the value of the company does not change.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 1:32 pm

DATS

MARK

MMAT

PHUN

ROI

SLDP

DatChat, Inc. (NASDAQ:DATS) shares plummeted by approximately 33% in pre-market trading due to the announcement of a proposed underwritten public offering of common stock. Other stocks experienced significant movement in pre-market trading, with some notable gainers including RiskOn International, Inc. (NASDAQ:ROI), Meta Materials Inc. (NASDAQ:MMAT), and Solid Power, Inc. (NASDAQ:SLDP), while losers included Phunware, Inc. (NASDAQ:PHUN) and Remark Holdings, Inc. (NASDAQ:MARK).

Portfolio Pulse from Avi Kapoor

January 17, 2024 | 1:18 pm