BioFuel Energy Slides on Increased Volume
DENVER (TheStreet) -- BioFuel Energy (BIOF) shares tumbled Friday on above-average volume even after the company reported a narrowing third-quarter loss.
BioFuel Energy late Thursday said it had a third-quarter loss attributable to shareholders of $6.2 million, or 26 cents a share, compared with the year-ago loss of $33.1 million, or $2.18 a share. Revenue inched higher by 0.7% to $91.1 million.
Shares of BioFuel Energy were falling by 41 cents, or 22.8%, to $1.40. Earlier in the session, the stock touched an intraday low of $1.25. More than 287,000 shares changed hands by 10 a.m. EDT Friday, compared to the stock's 50-day average daily volume of 265,000, according to the Nasdaq.
BioFuel Energy has a 21.9 million-share float with a short interest float of only 0.2% as of Oct. 27, according to Yahoo! Finance. Insiders hold about 8.5% of the company's shares with another 55.1% owned by institutions.
Investors posting on Internet message boards called Friday's selloff a typical "sell the news" reaction, as the stock is now trading where it began the week. Before Friday's decline, BioFuel shares had gained more than 42% in the week leading up to its earnings release. -- Written by Robert Holmes in New York. Check out all of Friday's high-volume, under-$5 stocks at the Dollar Store Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.Select the service that is right for you!
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