Benson Hill Inc (BHIL)

Shares of Benson Hill (BHIL) dropped by 23.92% from $0.460 to $0.350 in the trading on Thursday, November 9, 2023. The reason why BHIL is down today is due to disappointing third-quarter financial results.

• Reported revenues were $113.1 million, a decrease of $9.2 million (7.5%) compared to the same quarter in the previous year. This decline was primarily driven by a 17% decrease in non-proprietary revenues due to record-level crush margins for soy and yellow pea in the third quarter of the previous year.
• Proprietary revenues were $33.1 million, a 27.2% increase, driven by greater product availability and the sale of proprietary soybeans into the commodity market.
• Gross profit was $4.1 million, a decrease of $1.8 million. Excluding a favorable impact of $4.3 million from open mark-to-market timing differences, gross profit decreased by $4.7 million to a loss of $0.2 million due to unfavorable margins from the sale of proprietary products into commodity markets and non-recurring supply chain factors.
• Operating expenses were $28.4 million, a decrease of $2 million, driven by actions to deliver expected cost reductions.
• Adjusted EBITDA was a loss of $14.2 million compared to a loss of $14.7 million in the previous year.

Shares of Benson Hill (BHIL) dropped by 33.58% from $0.241 to $0.160 in the trading on Friday, October 27, 2023. The reason why BHIL is down today is due to an investigation initiated by Bronstein, Gewirtz & Grossman, LLC. The investigation revolves around potential claims on behalf of purchasers of Star Peak Corp II, which merged with Benson Hill Inc. in September 2021. The investigation aims to determine whether Star Peak Corp II failed to provide relevant information to its shareholders before the merger. Shareholders who hold Benson Hill shares and have information related to this investigation are encouraged to participate. This news raise confusion among investors, leading to a decline in stock price.