Cosan (NYSE:CSAN) Shares Gap Up – Here’s Why

Cosan S.A. Sponsored ADR (NYSE:CSAN)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $2.59, but opened at $2.75. Cosan shares last traded at $2.7350, with a volume of 244,119 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Jefferies Financial Group cut shares of Cosan to a “hold” rating in a report on Tuesday, May 26th. HSBC cut shares of Cosan from a “hold” rating to a “reduce” rating and decreased their target price for the stock from $5.00 to $3.20 in a report on Tuesday, May 26th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Cosan in a research note on Tuesday, June 9th. Three equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Cosan currently has a consensus rating of “Reduce” and an average price target of $3.85.

Cosan Price Performance

The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of -1.14 and a beta of 0.74. The company has a current ratio of 1.87, a quick ratio of 1.76 and a debt-to-equity ratio of 2.12. The stock has a 50-day simple moving average of $3.62 and a 200 day simple moving average of $4.12.

Cosan (NYSE:CSAN) last released its quarterly earnings data on Saturday, February 14th. The company reported ($1.61) earnings per share for the quarter. The company had revenue of $1.74 billion during the quarter. Cosan had a negative net margin of 24.09% and a negative return on equity of 14.30%.

Insider Buying and Selling

In related news, insider Maria Rita De Carvalh Drummond sold 37,400 shares of the stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $5.48, for a total value of $204,952.00. Following the transaction, the insider owned 2,128,536 shares in the company, valued at approximately $11,664,377.28. This represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Marcelo Eduardo Martins acquired 2,441,528 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average price of $5.14 per share, for a total transaction of $12,549,453.92. Following the acquisition, the chief executive officer directly owned 4,890,286 shares of the company’s stock, valued at $25,136,070.04. The trade was a 99.70% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have sold 187,040 shares of company stock worth $869,816.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Monaco Asset Management SAM lifted its position in Cosan by 200.5% during the 4th quarter. Monaco Asset Management SAM now owns 3,004,813 shares of the company’s stock worth $11,869,000 after acquiring an additional 2,004,813 shares during the last quarter. UBS Group AG raised its stake in shares of Cosan by 36.9% in the fourth quarter. UBS Group AG now owns 3,492,792 shares of the company’s stock valued at $13,797,000 after purchasing an additional 941,548 shares in the last quarter. Balyasny Asset Management L.P. raised its stake in shares of Cosan by 5,210.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 776,592 shares of the company’s stock valued at $3,068,000 after purchasing an additional 761,968 shares in the last quarter. XTX Topco Ltd boosted its position in shares of Cosan by 1,312.8% during the 4th quarter. XTX Topco Ltd now owns 588,722 shares of the company’s stock valued at $2,325,000 after acquiring an additional 547,051 shares in the last quarter. Finally, Tejara Capital Ltd acquired a new position in shares of Cosan in the 4th quarter worth approximately $1,386,000.

About Cosan

Cosan Limited (NYSE: CSAN) is a Brazilian diversified energy and logistics group focused on agribusiness, fuels, and infrastructure. Its core activities include the cultivation of sugarcane, production of ethanol and sugar, generation of bioelectricity from bagasse, and distribution of fuels under the Raízen joint venture with Shell. Through its subsidiary Moove, Cosan is a leading global producer of base oils and lubricants, while Comgás serves as one of Brazil’s largest natural gas distributors.

Founded in 1936 in the state of São Paulo, Cosan has grown through organic expansion and strategic acquisitions.