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

Cosan S.A. Sponsored ADR (NYSE:CSAN)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $2.99, but opened at $2.90. Cosan shares last traded at $2.9850, with a volume of 575,530 shares traded.

Analyst Upgrades and Downgrades

CSAN has been the subject of several research reports. Zacks Research upgraded shares of Cosan to a “hold” rating in a research note on Thursday, June 18th. HSBC cut Cosan from a “hold” rating to a “reduce” rating and cut their price target for the company from $5.00 to $3.20 in a report on Tuesday, May 26th. Citigroup upgraded shares of Cosan to a “hold” rating in a research note on Monday, June 29th. Jefferies Financial Group lowered Cosan to a “hold” rating in a research note on Tuesday, May 26th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cosan in a research note on Tuesday, June 9th. Four 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, the stock presently has a consensus rating of “Reduce” and an average target price of $3.85.

Cosan Stock Down 2.2%

The firm’s 50-day simple moving average is $2.91 and its 200 day simple moving average is $3.56. The company has a debt-to-equity ratio of 2.12, a quick ratio of 1.76 and a current ratio of 1.87. The company has a market cap of $2.90 billion, a P/E ratio of -1.36 and a beta of 0.71.

Cosan (NYSE:CSAN) last posted its earnings results on Saturday, August 15th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.07). Cosan had a negative return on equity of 12.58% and a negative net margin of 21.83%.The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $996.01 million. On average, research analysts forecast that Cosan S.A. Sponsored ADR will post -0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Monaco Asset Management SAM grew its stake in shares of Cosan by 200.5% in the fourth quarter. Monaco Asset Management SAM now owns 3,004,813 shares of the company’s stock valued at $11,869,000 after buying an additional 2,004,813 shares in the last quarter. UBS Group AG raised its holdings in Cosan by 36.9% in the 4th quarter. UBS Group AG now owns 3,492,792 shares of the company’s stock valued at $13,797,000 after acquiring an additional 941,548 shares during the period. Balyasny Asset Management L.P. lifted its holdings in Cosan by 5,210.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 776,592 shares of the company’s stock worth $3,068,000 after purchasing an additional 761,968 shares during the last quarter. XTX Topco Ltd boosted its position in shares of Cosan by 1,312.8% in the fourth 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 during the period. Finally, Tejara Capital Ltd bought a new stake in Cosan in the 4th quarter valued at about $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.