Perficient [PRFT] - Last Close: $48.11
This micro-cap IT services firm just announced a buyout deal with EQT AB [EQBBF] as part of its Q1 earnings release.
The del will pay PRFT shareholders $76 for each share of common stock they own, representing a 57% premium to the stock’s closing bid on Friday.
Perficient missed the consensus estimate for revenues, but its earnings were in-line with Wall Street’s consensus.
PRFT is up 52.8% on more than 250K shares traded.
My Take: PRFT was trading for just under $75 at the start of February, but it’s fallen 30.3% since that time, so this deal must be a major relief for beleaguered shareholders.
XBP Europe [XBP] - Last Close: $2.12
XBP is resuming its swing higher after a brief setback on Thursday.
The stock rallied on Thursday, after the company landed a $40 million contract with His Majesty’s Passport Office, a UK government agency.
Shares nearly doubled on Thursday in light of the news, but XBP closed Friday with a 2.7% decline.
Today, it’s returning to form with a 74.5% gain in today’s premarket, with nearly 10 million shares passing hands.
My Take: There hasn’t been any recent news to explain XBP’s sudden move, so I assume its a continuation of last week’s catalyst..
Strong Global Entertainment [SGE] - Last Close: $1.14
The specialty video equipment company made a deal with FG Acquisition Corp [FGAC] to spin off its Strong/MDI Systems subsidiary.
Upon closing, FGAC will rename itself Saltire Holdings, and the combined company will offer a “private equity investments that would not otherwise be available to public market investors.”
The deal values MDI at $30 million, and Strong Global will hold a 29.6% stake in the new company upon closing.
SGE is up 44.3% on roughly 3.5 million shares traded.
My Take: This deal sounds like a winner for SGE shareholders. The stock also saw a big volume boost on Friday, so it could be beginning a swing higher after a long drawdown.
Beneficient [BENF] - Last Close: $6.82
Beneficient is running hot in the premarket, extending its eye-popping 255% rally from Friday’s trading session.
The move began after the company announced its stock had regained compliance with Nasdaq’s minimum bid price requirement.
The positive catalyst combined with a 208.5% short percentage (as of April 15th) sparked a short-squeeze rally that sent shares skyrocketing.
Apparently, the squeeze hasn’t run out of steam just yet. BENF is up 14.4% on more than 2 million shares traded.
My Take: BENF has seen enormous gains since Friday, but it’s late in the game and I don’t expect this stock to hold onto its earnings. If I had a position here, I’d be looking to exit soon.
