TLDR
- Tron (TRON) stock fell about 4% on Thursday to a 52-week low of $1.115 after the company filed a $200 million at-the-market offering.
- Clear Street will sell the stock and keep a commission of up to 3% of gross proceeds.
- The company holds 718.9 million TRX tokens worth about $237 million after buying 149,369 more on Thursday.
- The stock is down roughly 67% over 12 months and trades below its 50-day and 200-day averages.
- MarketBeat shows an average analyst rating of “Sell.”
Tron (TRON) stock touched $1.115 on Thursday, a new 52-week low. It last traded near $1.135, down about 4% from Wednesday’s close of $1.20.
The drop followed a Wednesday filing with the SEC. It sets up an at-the-market program that lets the company sell up to $200 million of common stock over time.
Clear Street will act as the sales agent. It can keep up to 3% of gross proceeds as its fee.
Tron says the money will go toward a larger TRX treasury. That adds a second funding source next to its daily buying plan.
The daily plan was announced in February. It calls for about $50,000 of TRX purchases each day for 360 days in a row.
On Thursday, Tron bought 149,369 TRX at an average price of $0.3347. That brings its total to 718.9 million tokens.
At current prices, the holdings are worth about $237 million. MarketBeat puts the company’s market cap near $546 million.
The Stock’s Trend
Yahoo Finance reported that the stock opened 4.7% lower on Thursday. Over 12 months, it has lost roughly 67%.
Tron trades well under its moving averages. The 50-day sits at $1.55 and the 200-day at $1.76.
Beta is 8.69, so this stock tends to swing far more than the broader market. Only 168,229 units had traded at the time of the MarketBeat report.
Analysts and Earnings
Wall Street Zen cut Tron from “hold” to “sell” in a note dated August 15. Weiss Ratings moved from “sell (d-)” to “sell (d)” on August 11.
One analyst covers the stock and rates it a Sell. MarketBeat lists the average rating as “Sell.”
Tron last reported earnings on August 11. It posted earnings of $0.01 per share on revenue of $1.57 million.
Return on equity was negative 5.60%. Net margin came in at 135.58%.
Institutions own 28.03% of the company. BlackRock opened a new stake worth $5.3 million in the second quarter.
Bank of America raised its position by 180.7% in the first quarter, to 118,068 units worth $268,000. Bank of New York Mellon, Deutsche Bank and Leonteq Securities also added positions.
The most recent data point is Thursday’s TRX purchase of 149,369 tokens at $0.3347. The stock was trading near $1.135 at the time.
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