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Why Gevo Shares Dropped 5.8% Lower After-Hours

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Why Gevo Shares Dropped 5.8% Lower After-Hours

Gevo, Inc (NASDAQ: GEVO) shares fell 5.8% in after-hours trading on Wednesday.

What Happened: The renewable low-carbon biofuels company released fourth-quarter results Thursday, which missed analyst expectations. Revenues fell 75% on a quarter-over-quarter basis.

Gevo announced a quarterly loss of $0.07 per share vs. analyst expectations of a loss of $0.05 per share.

Revenues came in at $0.5 million for the quarter ended December 2020. Analysts expected revenue in the region of $0.75 million.

See also: How to Buy Gevo Inc. (GEVO) Stock

Last year in the same period revenues amounted to nearly $6.9 million.

Cash and cash equivalents at December 31, 2020, stood at $78.3 million 

Why It Matters: Gevo shares have seen at least two major event-driven spikes this year. The company's shares have soared 98.66% since the beginning of 2021.

The company announced new “Net-Zero Projects” through which it can produce energy-dense liquid hydrocarbons using renewable energy. 

The company has also been in news this year after its Nobel Prize-winning co-founder Frances Arnold was appointed to President Joe Biden’s science team.

Price Action: Gevo shares fell 5.82% in after-hours trading to $8.90 after closing nearly 2.7% higher at $9.45 in the regular session.  

 

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