PEIX - Pacific Ethanol -30% in a week amid planned shift from biofuels

Pacific Ethanol ([[PEIX]] -7.5%) plunges for a second straight day on double the average daily trading volume after unveiling plans to reduce focus on biofuels and remake itself as a provider of specialty alcohols and essential ingredients used in consumer products.Pacific Ethanol, which says it will soon change its name, idled more than 60% of production capacity earlier this year as the pandemic decimated fuel demand, and the company is now doubling down on its commitment to move further into the consumer product space to boost profit.Additionally, the company says it priced an underwritten public offering of 5.075M common shares at $8.42 each, a ~5% discount to the Oct. 23 closing price.Its preliminary Q3 results showed "ample free cash flow" that traders are not appreciating, says BWS Financial analyst Hamed Khorsand, who has a Buy rating on the stock.PEIX shares had climbed from an all-time low of $0.22 in mid-March

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Pacific Ethanol -30% in a week amid planned shift from biofuels