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Listed below are 14 companies trading near their 52-week lows. These companies also have enough cash to cover at least four quarters of their past year’s average quarterly operating expense.

We calculated the average quarterly operating expense over the last four quarters, and compared it with current cash holdings for each firm. All companies listed below have more than 4x the cash for their average quarterly operating expense, translating into four-plus quarters of average operating expenses.

Do you think this recent pessimism is justified? Read below, using this list as a starting-off point for your own analysis.

Operating expenses and cash data from Google finance, all other data from Finviz.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top five stocks mentioned below. Analyst ratings sourced from Zacks Investment Research. Note: The numbers on top of items represent the forward P/E ratio, if available.

List sorted by Cash/Avg. Quarterly Operating Expenses.

1. Micromet, Inc. (NASDAQ:MITI): Biotechnology Industry. Market cap of $464.21M. The stock is currently 2.67% above its 52-week low. Current cash holdings at $220.97M vs. average quarterly operating expenses over the last four quarters at $17.70M. Cash/Avg. Quarterly Operating Expenses at 12.5, i.e. the company can go 12.5 quarters without generating revenue and still cover the average quarterly operating costs.

The stock is a short squeeze candidate, with a short float at 5.32% (equivalent to 8.34 days of average volume). The stock has performed poorly over the last month, losing 13.44%.

2. Interactive Brokers Group, Inc. (NASDAQ:IBKR): Investment Brokerage Industry. Market cap of $676.10M. The stock is currently 5.25% above its 52-week low. Current cash holdings at $1.35B vs. average quarterly operating expenses over the last four quarters at $161.88M. Cash/Avg. Quarterly Operating Expenses at 8.4, i.e. the company can go 8.4 quarters without generating revenue and still cover the average quarterly operating costs.

IBKR has a relatively low correlation to the market (beta = 0.73), which may be appealing to risk-averse investors. The stock has lost 2.79% over the last year.

3. GenOn Energy, Inc. Common Stock (NYSE:GEN): Electric Utilities Industry. Market cap of $2.87B. The stock is currently 9.55% above its 52-week low. Current cash holdings at $4.24B vs. average quarterly operating expenses over the last four quarters at $519.00M. Cash/Avg. Quarterly Operating Expenses at 8.2, i.e. the company can go 8.2 quarters without generating revenue and still cover the average quarterly operating costs.

The stock has lost 11.43% over the last year.

4. Amgen Inc. (NASDAQ:AMGN): Biotechnology Industry. Market cap of $49.50B. The stock is currently 4.99% above its 52-week low. Current cash holdings at $17.42B vs. average quarterly operating expenses over the last four quarters at $2.38B. Cash/Avg. Quarterly Operating Expenses at 7.3, i.e. the company can go 7.3 quarters without generating revenue and still cover the average quarterly operating costs.

Risk-averse investors may appreciate that AMGN has a relatively low correlation to the market (beta = 0.44). The stock has lost 11.65% over the last year.

5. Nektar Therapeutics (NASDAQ:NKTR): Biotechnology Industry. Market cap of $975.97M. The stock is currently 0.59% above its 52-week low. Current cash holdings at $315.93M vs. average quarterly operating expenses over the last four quarters at $46.82M. Cash/Avg. Quarterly Operating Expenses at 6.7, i.e. the company can go 6.7 quarters without generating revenue and still cover the average quarterly operating costs.

Short float at 8.67% (equivalent to 8.25 days of average volume), implying the stock is a short squeeze candidate. The stock is currently stuck in a downtrend, trading 6.25% below its SMA20, 18.06% below its SMA50, and 33.1% below its SMA200. The stock has performed poorly over the last month, losing 18.05%.

6. Cree Inc. (NASDAQ:CREE): Semiconductor Equipment & Materials Industry. Market cap of $5.39B. The stock is currently 8.05% above its 52-week low. Current cash holdings at $1.11B vs. average quarterly operating expenses over the last four quarters at $192.55M. Cash/Avg. Quarterly Operating Expenses at 5.8, i.e. the company can go 5.8 quarters without generating revenue and still cover the average quarterly operating costs.

The stock is a short squeeze candidate, with a short float at 20.41% (equivalent to 6.49 days of average volume). CREE has performed poorly over the last month, losing 10.85%.

7. Dolby Laboratories Inc. (NYSE:DLB): Diversified Electronics Industry. Market cap of $5.45B. The stock is currently 1.54% above its 52-week low. Current cash holdings at $704.23M vs. average quarterly operating expenses over the last four quarters at $127.45M. Cash/Avg. Quarterly Operating Expenses at 5.5, i.e. the company can go 5.5 quarters without generating revenue and still cover the average quarterly operating costs.

The stock has lost 17.22% over the last year.

8. EarthLink Inc. (NASDAQ:ELNK): Internet Service Providers Industry. Market cap of $852.18M. The stock is currently 4.25% above its 52-week low. Current cash holdings at $632.58M vs. average quarterly operating expenses over the last four quarters at $115.13M. Cash/Avg. Quarterly Operating Expenses at 5.5, i.e. the company can go 5.5 quarters without generating revenue and still cover the average quarterly operating costs.

Short float at 8.95% (equivalent to 5.23 days of average volume), implying the stock is a short squeeze candidate. The stock has lost 4.03% over the last year.

9. PICO Holdings Inc. (NASDAQ:PICO): Accident & Health Insurance Industry. Market cap of $656.71M. The stock is currently 6.92% above its 52-week low. Current cash holdings at $114.76M vs. average quarterly operating expenses over the last four quarters at $21.37M. Cash/Avg. Quarterly Operating Expenses at 5.4, i.e. the company can go 5.4 quarters without generating revenue and still cover the average quarterly operating costs.

The stock has lost 19.44% over the last year.

10. Halozyme Therapeutics, Inc. (NASDAQ:HALO): Biotechnology Industry. Market cap of $628.62M. The stock is currently at its 52-week low. Current cash holdings at $83.26M vs. average quarterly operating expenses over the last four quarters at $16.97M. Cash/Avg. Quarterly Operating Expenses at 4.9, i.e. the company can go 4.9 quarters without generating revenue and still cover the average quarterly operating costs.

The stock is in a downtrend, trading 8.29% below its SMA20, 12.62% below its SMA50, and 16.3% below its SMA200. The stock has performed poorly over the last month, losing 11.17%.

11. Cisco Systems, Inc. (NASDAQ:CSCO): Networking & Communication Devices Industry. Market cap of $96.13B. The stock is currently 2.19% above its 52-week low. Current cash holdings at $40.23B vs. average quarterly operating expenses over the last four quarters at $8.41B. Cash/Avg. Quarterly Operating Expenses at 4.8, i.e. the company can go 4.8 quarters without generating revenue and still cover the average quarterly operating costs.

The stock has lost 33.83% over the last year.

12. Genco Shipping & Trading Ltd. (GNK): Shipping Industry. Market cap of $406.24M. The stock is currently 6.45% above its 52-week low. Current cash holdings at $271.80M vs. average quarterly operating expenses over the last four quarters at $56.85M. Cash/Avg. Quarterly Operating Expenses at 4.8, i.e. the company can go 4.8 quarters without generating revenue and still cover the average quarterly operating costs.

Note that GNK is a risky stock that is significantly more volatile than the overall market (beta = 2.17). It's been a rough couple of days for the stock as well, losing 6.07% over the last week.

13. Savient Pharmaceuticals, Inc. (SVNT): Biotechnology Industry. Market cap of $661.93M. The stock is currently 3.64% above its 52-week low. Current cash holdings at $64.86M vs. average quarterly operating expenses over the last four quarters at $15.00M. Cash/Avg. Quarterly Operating Expenses at 4.3, i.e. the company can go 4.3 quarters without generating revenue and still cover the average quarterly operating costs.

SVNT is also a short squeeze candidate, with a short float at 21% (equivalent to 5.7 days of average volume). The stock has lost 36.11% over the last year.

14. Acorda Therapeutics, Inc. (NASDAQ:ACOR): Biotechnology Industry. Market cap of $882.88M. The stock is currently 9.10% above its 52-week low. Current cash holdings at $240.03M vs. average quarterly operating expenses over the last four quarters at $59.32M. Cash/Avg. Quarterly Operating Expenses at 4.0, i.e. the company can go 4.0 quarters without generating revenue and still cover the average quarterly operating costs.

Short float at 18.87% (equivalent to 8.15 days of average volume), implying the stock is a short squeeze candidate. The stock has lost 36.54% over the last year.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 14 Companies Near Lows With Enough Cash to Cover More Than a Year's Expenses