Home Business David Einhorn Increases His Stake In BioFuel, Sending Shares Soaring [UPDATED]

David Einhorn Increases His Stake In BioFuel, Sending Shares Soaring [UPDATED]

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David Einhorn’s Greenlight Capital, has just filed a form 13D with the Securities and Exchange Commission (SEC). Einhorn has increased his holding in BioFuel Energy Corp. (NASDAQ:BIOF). This is not a new stock for Greenlight Capital. David Einhorn, through Greenlight Capital and other investment vehicles, ‘now holds around 36.2% of the company.

David Einhorn Increases His Stake In BioFuel, Sending Shares Soaring [UPDATED]

Daniel Loeb’s Third Point LLC is the second largest holder, with just under 19% of outstanding shares held. Dan Loeb just purchased 34,691 additional shares of the firm on August 3oth 2012.

BioFuel Energy Corp. (NASDAQ:BIOF) is a very small company, with a market capitalization of only $19 million. The shares of BIOF closed today at $3.00 a share. After hours, shares of the company are up 18.33% on news of Einhorn’s increased stake. There are approximately 23 million shares outstanding for the Denver, CO, based small cap company, after a recent reverse stock split.

David Einhorn, who is the company’s largest shareholder, acquired more stake in the company, after buying additional shares through Greenlight Capital’s six different investment vehicles.

These in total, garnered David Einhorn some 69,382 shares according to the latest filing, and at a price of $3.00 per share, this addition is worth approximately, $208,146, or about 1% of the company’s market cap.

The company’s holding in BioFuel Energy does not give individuals the right of voting or disposition, but rather a shared voting and dispositive power.

A Spokesperson for Greenlight Capital declined to comment on the matter.

Shares of BIOF were up over 18% in after market trading at the time of this writing.

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