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SUP has been on a tear since announcing earnings last Thursday morning. It closed at $5.54 the day before earnings were announced. I don't like the massive amount of long term debt they are carrying or the state of the balance sheet in general, but what caught my eye was their projection for operating cash flow for FY 2023.
I wish I would have bought when earnings were announced, but I didn't. I bought this morning in the pre-market at $7.00. I guess we will see where it goes from here.
UUU - I have been reloading, also. (eom)
SI - Great job, Nelson. Even if it was only in your dreams! When they say, timing is everything, that's definitely the case here.
SI - Thanks, hweb. Unfortunately I covered the same day, as it didn't perform as I thought it would that day. I shorted the stock around $13.09 on January 27. On Feb 2, it hit a high of $24.71. On Feb 13, it hit a low of 14.02. On Feb 16, it hit a high of $24.00. Today pre-market it is trading in the $7s. That's what I call volatility!
Dang! Thirty percent price rise in a week. That's bizarre.
UUU - Thanks, KIK. It's a little surprising to me that it went back up this quickly. I really thought that after rising to as high as $3.64 on Friday and then falling all the way back down to close at $2.48, that it would be drifting down or at least stuck in the mud for a few days. I'm not giving the money back, though!
IMMR -- I wonder what is in the other income number. That's what I want to know.
IMMR - Any idea what the one-timer is in there? (eom)
UUU - I sold some I bought this morning, also. It's showing big-time strength on a horrible market day. I'm still holding a goodly amount, since like you, I believe a big upward spike could happen at any time with the low float and that just-reported 15 cent quarter.
UUU - Bought more this morning as low as $2.25. It closed at $2.20 prior to the earnings report coming out, so it has pretty much gone full circle from a high of $3.64 on Friday.
UUU - Bought more as low as $2.40 in after hours. This may take a little patience as there are probably plenty of people underwater who bought today. Volume was 17.3M shares and the outstanding shares turned over about 7.5 times!
UUU - I bought some back, also. I think it's a good risk down here in the mid 2s. I'm surprised it fell down this far.
UUU- Looked good to me. I didn't see anything funky in the Q. I wouldn't necessarily count on seeing another 15 cents next quarter. Sounds like they may have been catching up on filling prior orders. Shipping costs have come down for them and supply chain issues are going away plus the failed merger expenses should be fading away. I think it looks pretty good in the mid 2s, although it has screamed up already. Low float, too.
New 52-week highs of note yesterday include:
CLMB
ESP
FRD
INTT
PESI
RTMAF
SCX
WIRE
I only own a couple presently.
RTMAF/RTMNF - Your case was stated:
https://seekingalpha.com/article/4579262-reitmans-difference-between-share-classes-is-an-opportunity#comments
BEBE - Anyone holding this for the fat dividend yield is not going to be happy this morning. Last night the company cut the quarterly dividend from 15 cents to two cents!
Definitely a possibility (eom)
CETX - Cemtrex price target raised to $23 from $8 at Dawson James
TheFlyontheWall.com - Feb 06 11:15 EDT
ASTC - I sold some as high as $17, but I didn't have much, so it wasn't like a bonanza or anything.
ASTC - Were you able to take advantage of the low-float run Friday after hours? It shot up to at least $17 at one point.
RTMNF/RTMAF - Liquidity is a big thing for sure. Yahoo is only showing about a 500 share difference between the average daily volume between the two. There's a big difference in the Canadian tickers, though.
RTMNF/RTMAF - Looking back a few years, the non-voting shares would regularly trade close to or higher than the voting. 2022/2023 seems to be the anomaly. If and when I purchase additional shares, if the big premium still exists on the voting shares, I will definitely opt for the non-voting.
Is the liquidity issue the sole reason you believe the voting shares should trade at a discount versus the non-voting?
RTMNF/RTMAF - Gotcha on the two classes. I wonder if they have always traded with that premium attached to RTMNF.
RTMNF - You know, gilead, I was sitting here vacillating between reading War and Peace or the writeup on Reitmans. Anyway, I read the Reitmans piece.
I found it pretty compelling. A lot of stuff has fallen into place for them since their emergence from bankruptcy. Right off the bat you have the much lower lease costs and the jettisoned money-losing brands. They have a lot of cash on the balance sheet and no debt.
Their e-commerce execution sounds top notch. Catering to plus-sized women seems to be a good spot to be in these days. I'm doing online dating, and trust me, there are a lot of big women out there.
Shipping costs have come way down, and that's a big thing for them. In addition, maybe they will reinstate the dividend since they are churning out all this cash.
I actually bought some more after reading the writeup. Their base case for the stock price was $8 CAD and their upside scenario was $12 CAD with some corporate actions occurring and operations continuing in the right direction.
Thanks, gilead. I'll give it a read. Your research seems pretty darn good to me. You've had some big winners over the years.
I agree, a very tough game, especially with pre-market trading starting at 4am eastern. You could literally be asleep while your short position is running wild.
SI - $21.76 + $5.52, glad I covered the short the same day I initiated it. This is turning out to be a widow maker for anyone recently short.
jtomm, I get humbled by the market on a regular basis. And that's actually a good thing, because when you get complacent and think you're some type of all-knowing guru, that's when you get hammered in a big way.
MSGM - And there's the offering. What timing!
Motorsport Games Announces $3.9 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
GlobeNewswire - Feb 01 09:25 EDT
MIAMI, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the “Company”), today announced that it has entered into a definitive agreement for the issuance and sale of an aggregate of 183,020 shares of the Company’s Class A common stock at a purchase price of $21.40 per share in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about February 3, 2023, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to Motorsport Games from the offering are expected to be approximately $3.9 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. Motorsport Games currently intends to use the net proceeds from the private placement for development of multiple games, working capital and general corporate purposes.
The shares of Class A common stock described above are being offered and sold by the Company pursuant to a “shelf” registration statement on Form S-3 (Registration No. 333-262462), including a base prospectus, previously filed with the Securities and Exchange Commission (SEC) on February 1, 2022 and declared effective by the SEC on February 10, 2022. The offering of the shares of Class A common stock are being made only by means of a prospectus supplement that forms a part of the registration statement. A final prospectus supplement and an accompanying base prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and accompanying base prospectus may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Motorsport Games:
Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make the joy of racing accessible to everyone. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), as well as the industry leading rFactor 2 and KartKraft simulations. rFactor 2 also serves as the official sim racing platform of Formula E, while also powering F1 Arcade through a partnership with Kindred Concepts. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure and every story inspires.
MSGM - Extreme low floater was trading in the 2s a couple days ago. This morning in the pre-market it is trading in the 60s. I don't own a share.
Thanks, gilead. (eom)
RTMNF $3.23 + .28, breaking out to new highs recently. Awesome pick. Where do you think fair value might be?
Yup, that's the way the cookie crumbles here in stock market land. Win some, lose some.
MIND .74 + .19 in AH. Glad I sold when I did, or I would have that big problem of not knowing what to do with all that money. Son of a biscuit eater.......
SI - I was trading it all day with Etrade and never had a problem getting a borrow. I would have been better off if they had been all locked up!
SI - Covered the short. Lost a few bucks. Thought this one had a good chance of being a meaty day trade, but it was not to be. I'm not a fan of holding short positions overnight or into the weekend.
Si - Thanks, jtomm. I will check him out. (eom)
SI - Silvergate suspension of preferred dividends 'surprising,' says Wedbush
TheFlyontheWall.com - Jan 27 10:20 EDT
Despite acknowledging the challenging environment Silvergate is facing, Wedbush analyst David Chiaverini said the firm was "still nonetheless surprised" to see Silvergate suspend dividend payments on its 5.375% Series A noncumulative perpetual preferred stock. While this move could shore up Silvergate's near-term capital position, it could raise Silvergate's cost of capital down the road as any new fixed income or preferred issuance going forward will likely require a higher coupon, said the firm, which keeps a Neutral rating and $13 price target on Silvergate shares.
SI - Shorted some around $13.09 on suspension of the preferred dividend. Supposedly the company has $1.2B shareholder's equity, but decides to suspend the $2.7M quarterly preferred payment. In addition, they operate in a sketchy space. Stock down from a high of $162 last 52 weeks.
DWAC ($14.44 -.64) sinks to a new 52-week low. This thing was shot out of a cannon, but that was a long time ago.....