S&P 500 cuts losses as Nvidia climbs ahead of results
ENGLEWOOD, CO - In a recent transaction, Christopher Michael Ryan, the President and Chief Operating Officer of Gevo , Inc. (NASDAQ:GEVO), sold 84,014 shares of the company's common stock. The sale took place on August 22, 2024, with the total value of the transaction amounting to approximately $63,632.
The shares were sold at a weighted average price of $0.7574, with individual transactions occurring within a price range of $0.71 to $0.82 per share. Following the sale, Ryan's direct holdings in Gevo, Inc. stand at 1,573,934 shares. Additionally, it was noted that Ryan has an indirect ownership of 26,920.93 shares through a 401(k) plan.
The sale was conducted under a pre-arranged 10b5-1 trading plan, which Ryan had adopted on March 25, 2024. Such plans allow company insiders to set up a predetermined schedule for buying or selling stock to avoid accusations of trading on non-public information. The transaction was made to cover tax withholding obligations that arose from the vesting of a restricted stock award.
Investors and followers of Gevo, Inc. can request detailed information about the sale, including the number of shares sold at each price point within the reported range, from Ryan or the company.
Gevo, Inc. specializes in industrial organic chemicals and is known for its focus on the development of renewable chemicals and advanced biofuels that aim to lower carbon emissions. The company's business address and headquarters are located in Englewood, Colorado.
In other recent news, Gevo Inc. has reported significant developments in its Q2 2024 earnings call. The company is on track to achieve financial close for its NZ one project by year-end, with development costs currently under budget. Gevo's RNG capacity expansion is also underway, aiming for an annual production capacity of 500,000 million BTUs. However, delays in approval for the -350 pathway have impacted the expected non-GAAP adjusted EBITDA range for RNG.
Gevo has also secured a purchase agreement with Shell (LON:SHEL) Global Solutions Deutschland GmbH to supply a low-carbon intensity fuel blendstock for use in motorsports. The innovative approach involves producing racing fuel from sustainable feedstocks, such as agricultural waste. This agreement aligns with Gevo's mission of transforming renewable energy and biogenic carbon into eco-friendly fuels and chemicals with minimal or zero carbon footprint.
In executive news, Gevo Inc. announced amended employment agreements with top executives and new contracts with other officers. CEO Patrick Gruber will maintain his role with an annual base salary of $650,000 and is eligible for a target annual bonus of 100% of his base salary. President and COO Christopher Ryan's amended agreement includes a base salary of $431,600, with an 80% target bonus and annual equity awards valued at a minimum of $200,000. These recent developments highlight Gevo Inc.'s commitment to its strategic projects and executive team.
InvestingPro Insights
Gevo, Inc. (NASDAQ:GEVO) has been in the spotlight recently due to executive stock sales, drawing investor attention to the company's financial health and stock performance. With a market capitalization of $203.4 million, Gevo's financial position is a key factor for stakeholders. According to InvestingPro data, Gevo has experienced a significant revenue growth rate of 98.34% over the last twelve months as of Q2 2024, indicating a strong increase in sales. However, this growth is contrasted by a negative gross profit margin of -105.98%, underscoring the challenges the company faces in converting sales into actual profit.
InvestingPro Tips suggest that while Gevo holds more cash than debt on its balance sheet, which is a positive sign of financial stability, the company is quickly burning through its cash reserves. This cash burn is a critical aspect for investors to consider, especially given that analysts do not expect the company to be profitable this year. Additionally, Gevo's stock price movements have been quite volatile, with significant returns over the last week, month, and three months, yet the price has performed poorly over the last decade, reflecting the company's fluctuating fortunes.
Investors evaluating Gevo's stock should note that the company does not pay dividends, which may influence investment decisions for those seeking income-generating assets. For those interested in a deeper dive into Gevo's financials and stock performance, there are additional InvestingPro Tips available at https://www.investing.com/pro/GEVO, offering comprehensive analysis and insights.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.