What Happened?
Shares of biorefining company Green Plains (NASDAQ: GPRE) jumped 4% in the afternoon session after momentum improved following a sharp increase in the price of ethanol, the company's main product.
The price of ethanol rose over 4% to $1.88 per gallon. This move in the ethanol market occurred as oil prices surged past $100 a barrel due to fears of a wider conflict and threats to energy supplies. Higher oil prices generally make ethanol a more attractive and profitable alternative fuel. The positive sentiment around the commodity's price helped push Green Plains' stock to a new 52-week high during the trading session.
After the initial pop the shares cooled down to $16.27, up 3.5% from previous close.
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What Is The Market Telling Us
Green Plains’s shares are extremely volatile and have had 58 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
Green Plains is up 58.2% since the beginning of the year, and at $16.27 per share, has set a new 52-week high. Investors who bought $1,000 worth of Green Plains’s shares 5 years ago would now be looking at an investment worth $587.22.
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