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180 Degree Capital Corp. (TURN)

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Previous Close7.28
Open7.34
Bid7.26 x 1100
Ask7.31 x 800
Day's Range7.22 - 7.34
52 Week Range3.84 - 8.07
Volume56,195
Avg. Volume52,483
Market Cap75.521M
Beta (5Y Monthly)1.11
PE Ratio (TTM)72.80
EPS (TTM)0.10
Earnings DateMay 03, 2021 - May 07, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateOct 11, 2000
1y Target EstN/A
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • 180 Degree Capital Corp. Notes Preliminary +28% and +1.60 Per Share Growth in its Public Portfolio in Q1 2021 and Currently Expected Increase in Net Asset Value Per Share as of March 31, 2021
    GlobeNewswire

    180 Degree Capital Corp. Notes Preliminary +28% and +1.60 Per Share Growth in its Public Portfolio in Q1 2021 and Currently Expected Increase in Net Asset Value Per Share as of March 31, 2021

    MONTCLAIR, N.J., April 05, 2021 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180”) today provided a preliminary update on its performance during the first quarter of 2021. “We are proud of the performance of our public investments during the first quarter of 2021,” said Kevin M. Rendino, Chief Executive Officer of 180. “Our preliminary +28% gross total return equates to an estimated increase in value of approximately +$16.6 million, or +1.60 per share. We ended the quarter with approximately $74.0 million in cash and securities of publicly traded companies, or $7.13 per share, an increase of approximately 24% from the end of 2020. We note that these results include a preliminary fair value of our restricted shares of common and convertible preferred stock (on a converted to common stock basis) of TheMaven, Inc. (MVEN) at $0.7869 per share versus the closing price of MVEN’s common stock on March 31, 2021, of $0.91 per share.”1 “We have begun the process of valuing our privately held companies as of the end of Q1 2021,” continued Mr. Rendino. “As of December 31, 2020, our privately held portfolio was fair valued at $38.7 million. As we noted in our last shareholder call, we remain cautiously optimistic regarding the potential for monetization events in our private portfolio to occur in 2021. With the information available to us as of this release, and inclusive of normal levels of operating expenses and accruals for potential year-end bonuses, we believe the gains in our public portfolio will lead to an increase in our net asset value per share (NAV) as of March 31, 2021 from $9.28 as of December 31, 2021.” “We also are pleased to note the preliminary gross total returns of our separately managed account in Q1 2021 of +20.7%, equivalent to an increase of $6.8 million,” added Daniel B. Wolfe, President of 180. “If the year ended today, we would receive approximately $2.0 million, or +$0.19 per share, in carried interest, and the preliminary net total return for the separately managed account would be +14.5%. We receive carried interest from this account annually and note that this carried interest is not included in our public portfolio performance, nor will it be included in our reported NAV as of the end of Q1 2021.” Kevin Rendino concluded, “180 is off to a fantastic start to the year. We look forward to sharing our full results, as well as other notable updates, during our next quarterly conference call in May.” About 180 Degree Capital Corp. 180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 and its holdings can be found on its website at www.180degreecapital.com. Press Contact:Daniel B. Wolfe180 Degree Capital Corp.ir@180degreecapital.com973-746-4500 Forward-Looking Statements This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company's securities filings filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The reference and link to the website www.180degreecapital.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. 180 is not responsible for the contents of third-party websites. 1 Gross total return calculation based on the closing prices on March 31, 2021, or time-based volume weighted prices per share, as applicable, for securities of publicly traded companies owned by 180. 180 is an internally managed registered closed-end fund that has a material portion of its assets in legacy privately held companies and certain restricted and/or unlisted securities of publicly traded companies that are fair valued on a quarterly basis by the Valuation Committee of its Board of Directors. This valuation process for the first quarter of 2021 has yet to be completed as of the date of this release, and thus valuations of these securities as presented in this release are preliminary and may change once final fair values are set. Past performance is not an indication of future results.

  • Insider Buys 180 Degree Capital's Shares
    Benzinga

    Insider Buys 180 Degree Capital's Shares

    A Form 4 filing filed with the SEC on Tuesday, March 23 showed that VP Head of Fund Development Bigelow Robert E Iii bought 500 shares of 180 Degree Capital Inc (NASDAQ:TURN) at an average price of $7.40. The transaction moved the executive's stake in 180 Degree Capital Inc. to 89,816 shares. 180 Degree Capital was trading 0.7% lower from the previous closing price. The Importance of Insider Transactions While transactions from an insider shouldn't be used as the sole item to make an investment or trading decision, an insider buying or selling stock in their company can be a good added factor that leads to more conviction in a decision. Insiders buying stock after a notable sell off can indicate an insider's long-term belief in the success of the company; insiders buying stock at new highs can be an indication the exec doesn't feel the stock is overvalued. Insiders who sell stock at new lows could be anticipating some capitulation moment. If the insider sells at new highs, it could point to the intention to "take some profit" and "lock in a gain." Important Transaction Codes Investors prefer focusing on transactions which take place in the open market, indicated in the Form 4 with codes P for purchase and S for sale. If the transaction was an open-market transaction, that means that the insider made a conscious decision for the company's stock moving forward. Transaction codes besides P or S aren't relatively important as they are seldom tied to a decision by the executive. For example, transaction code A is indicative of an insider being forced to sell shares to attain compensation. Moreover, transaction code C indicates the conversion of an option. See more from BenzingaClick here for options trades from BenzingaAnalyst Ratings for DiscoveryAnalyst Ratings for SunPower© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • 180 Degree Capital Corp. Issues Second Open Letter to the Board and Shareholders of Enzo Biochem, Inc.
    GlobeNewswire

    180 Degree Capital Corp. Issues Second Open Letter to the Board and Shareholders of Enzo Biochem, Inc.

    MONTCLAIR, N.J. , March 22, 2021 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”), today issued the following open letter to the board and shareholders of Enzo Biochem, Inc. (“ENZ”). To The Independent Directors of Enzo, Dov PerlyskyRebecca FischerDr. Ian WaltersDr. Mary Tagliaferri This is a highly bothersome and rather disappointing second public letter that I feel we must write to you, the Board of ENZ. While we were mildly supportive of the leadership change that you announced last week, we also knew at the end of the day you would end up playing games. We are appalled by what we believe is a shameful decision by ENZ’s Nominating/Governance Committee to not accept the resignation of Dr. Elazar Rabbani from ENZ’s Board. You clearly have no respect for the will of your shareholders who are the true owners of this company. You also appear to have no idea of what we believe is your role is as board members and what the word accountability means. We believe that your job as directors of a publicly traded company is to practice proper corporate governance, oversee the company’s strategy, and ensure that the management team is creating value for its shareholders. As we noted in our first public letter, and discuss further below, Dr. Rabbani has not generated value for shareholders. In fact, he has destroyed value for shareholders; and yet you chose to look the other way and somehow convince yourselves that he is irreplaceable. I thought the two new board members, Dr. Tagliaferri and Dr. Walters, would provide an objective analysis of the situation. Instead, they appear to have drunk the Kool-Aid and participated in a decision that is akin to giving the middle finger to your shareholders. In your release, you state the reason Dr. Rabbani is staying as a member of the ENZ’ Board is due to his “historical knowledge of the Company’s business and the industry.” Where was the section where you examined his execution on behalf of shareholders as part of your decision-making process? Having knowledge of the company or industry carries no weight if you can’t steer the business to achieve an acceptable return for shareholders. Dr. Rabbani’s historical knowledge of the ENZ’s business and industry has led to a share price that sits at the same level it did in 1992. I literally can’t say that out loud without laughing. 1992! Yet with these facts staring you in the face, you don’t have the decency to do what a majority of shareholders voted for you to do at the most recent annual meeting? I don’t get it. To be clear, I am an equity-focused fund manager who has been investing since 1988. I have a deep knowledge of the products I run and the equity market industry as a whole. Who cares? That’s simply the price of admission to attain the job of running 180. The actual purpose of my job is to generate a return greater than the market and similar funds that invest in the same asset class. If I do, I get rewarded. If I don’t, I get fired. It’s as simple as that. At ENZ, it appears that having “historical knowledge of the Company’s business and the industry” gets you the equivalent of a Supreme Court Justice job – a place in the company for life regardless of the inability to create shareholder value. Can I submit my resume for consideration? Who wouldn’t want to get paid millions of dollars and not be held accountable? I am obviously being sarcastic about submitting my resume, but you get my point. It is our strong opinion that Dr. Rabbani should not be involved in the selection of ENZ’s next CEO. Instead of lauding the so-called knowledge Dr. Rabbani has of the company and industry, part of your prerequisite for ENZ’s next leader might be having the actual opposite knowledge of the company and the industry; that might give investors a chance to win. We commend the engagement of Gary Huff, the former CEO of LabCorp Diagnostics. We believe he, along with global search firm, Korn Ferry, should be responsible for identifying ENZ’s next CEO, without any involvement by Dr. Rabbani. Further, Mr. Huff’s engagement should not be as solely as a strategic advisor. Our position is that Mr. Huff should be an interim replacement for Dr. Rabbani in management and/or appointed to ENZ’s Board. We believe Dr. Rabbani’s continued presence at ENZ is a plague that prevents progress and creation of shareholder value. You may be the only four people on planet Earth that do not share this opinion. It seems to us that you are under a cult-like spell thinking that he is the only qualified professional that understands the industry and therefore feel the need to continue to retain him. There are far more qualified people that have deep industry knowledge and know how to execute and create shareholder value. You just retained the former CEO of LabCorp Diagnostics who we believe is one of these qualified people. We believe it is imperative that Dr. Rabbani has nothing to do with the search for ENZ’s next leader. You should let truly qualified people do so independently and objectively without any barriers or hinderances. I note that I received an email following our first public letter instructing me on what you believe to be the proper path of communication I should take to address questions and concerns to ENZ’s Board. Two letters, one public and one private have gone unanswered. To be clear, if I wanted to speak to management, I would call management. If I want to send ENZ’s Board a note, I will send the Board a note. It should be fairly obvious to you what the difference are between the roles of management and the Board. If you choose to ignore your shareholders, that is your prerogative. I would prefer you actually say that as part of my formal request to discuss the company with the Board. I remind you that I run a public company. To date, you continue to ignore our requests for direct communication with the Board. If my shareholders want to speak to a member of our Board, I do not stand in the way of that communication, and neither should you. I promised myself that when I see egregious corporate governance being administered by a public company’s board, I would call it out. We believe you simply are not acting in the interest of shareholders. We believe you have chosen a very interesting path with how you govern ENZ; it appears to be a multi-faceted approach including: Let Dr. Rabbani do whatever he wants, whenever he wants.Overlook any conflicts there are from Dr. Rabbani regarding patents and real estate.Despite the abject failure of this business and share price under his watch, you continue to have Dr. Rabbani run this company as he sees fit. You will not hold him accountable and seem to think that he is the only one in the country who can add value to ENZ’s Board.Do not take into consideration the will of shareholders as it relates to the last shareholder vote.If shareholders ever write a letter, ignore it, or pass the buck to management to deal with it.Do not talk directly to shareholders, which we believe shows the opinion that you are not accountable to them.Despite overseeing a company that hasn't reported net income since 2003, continue to support Dr. Rabbani and make sure he is highly compensated. ENZ belongs to shareholders. It doesn't belong solely to Dr. Rabbani, and it doesn't belong solely to the Board. None of this critique is meant to be personal; it is our objective view of the business performance under your watch. It is also unclear if ENZ’s Board is following its charters for committees as we are unable to identify from publicly available materials who is on the Nominating/Governance Committee aside from Dov Perlysky and Rebecca Fischer. Per your own Nominating/Governance Charter available on your investor relations website, “The Nominating/Governance Committee shall be appointed by the Board of Directors from time to time and shall consist of three or more directors, each of whom shall meet the independence requirements of the New York Stock Exchange.” This is just another example of the lack of transparency of ENZ’s Board and, potentially, the inability of it to follow its own policies and procedures. We request that you publicly update the composition of your Nominating/ Governance Committee so shareholders know who is responsible for the decision to reject Dr. Rabbani resignation from ENZ’s Board. We continue to request that you take immediate action to remove Dr. Rabbani from the Board and the business. We believe you need to either sell the company or put someone in charge who can monetize the assets, streamline the operations, and create value for shareholders. It is clear to us that all of these steps toward value creation cannot be completed with Dr. Rabbani as part of ENZ in any capacity. The share price as of the close on Friday, March 19, 2021, was $3.74, which is around the same price it was in 1992. If you do not feel it is important to take what we believe are the appropriate steps of holding management accountable, then we suggest you assemble a board that will be accountable to its constituents. We believe you need to act now. I am available at your convenience to speak. Other than that, we will continue to issue public letters until ENZ’s Board accepts Dr. Rabbani’s resignation from the Board, immediately terminates his employment as CEO and begins overseeing this company for the interest of its shareholders. Regards, Kevin M. RendinoChairman and Chief Executive Officer About 180 Degree Capital Corp.180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 and its holdings can be found on its website at www.180degreecapital.com. Press Contact:Daniel B. Wolfe180 Degree Capital Corp.973-746-4500 Forward-Looking StatementsThis press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company's securities filings filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The reference and link to the website www.180degreecapital.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. 180 is not responsible for the contents of third-party websites.