Cardiff Oncology shares plunge after Q2 earnings miss
Ryan Smith, CEO of US Energy Corp (NASDAQ:USEG), recently acquired a total of 1,000 shares of the company’s common stock over two consecutive days. The purchases, disclosed in a recent SEC filing, took place on February 18 and February 19. Smith bought 500 shares at $2.03 per share and another 500 shares at $2.10 per share, totaling approximately $2,065. The timing appears strategic, as InvestingPro data shows the stock has surged over 128% in the past six months, with analysts setting price targets between $2.75 and $3.50. Following these transactions, Smith’s direct ownership in the company increased to 1,238,746 shares. With a market capitalization of $74.37 million, InvestingPro analysis indicates the stock is currently undervalued, while maintaining a strong balance sheet with more cash than debt. Get access to 12 additional InvestingPro Tips and comprehensive financial metrics to make more informed investment decisions.
In other recent news, U.S. Energy Corp . has announced the extension of its share repurchase program to June 30, 2026. Since its initiation in April 2023, the company has repurchased 985,000 shares, which is about 2.8% of its total shares outstanding, at an average price of $1.24 per share. Approximately $3.8 million remains available for future repurchases under this program. In a separate move, the company repurchased 635,400 shares from affiliates of Sage Road Capital at a price matching the net per-share price from a recent underwritten offering.
Additionally, U.S. Energy Corp. has priced a public offering of 4,236,000 shares of common stock at $2.65 per share, expected to close on January 23, 2025. This offering is projected to net approximately $10.5 million after underwriting commissions, aimed at funding its industrial gas development project. Roth Capital Partners (WA:CPAP) is the sole book-running manager, with Johnson Rice & Company and D. Boral (OTC:BOALY) Capital as co-managers. The offering is made under a shelf registration statement effective since September 2022, with the potential for additional funds if the underwriters exercise their option to purchase more shares.
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