The S&P 500 fell 25% during the third quarter, weighed down by the worst inflation in decades. This and other broad market trends have been played out by publicly traded companies in Minnesota as well.
Only eight Minnesota-based public companies finished the third quarter, which ended Friday, with a positive total return for the year.
Of Minnesota’s public companies, including S&P 500 members and smaller companies, 68 finished lower during the first three quarters of 2022, including 60 in the double digits and 14 of them down more than 50%.
Here are the six worst performing companies among Minnesota companies, during the first three quarters.
- Calext Corporation, -91.9%
- Pineapple Energy Inc. , -90.9%
- iMedia Brands Inc. , -89.3%
- Insignia Systems Inc, -73.5%
- Qumu Corp. , -71.2%
- Bright Health Group Inc. , -69.5%
Digi International was Best Minnesota Stock To Own This Year. The focus on generating recurring revenue has helped support the company’s Hopkins-based financial statements and stock price.
Here are the top six artists.
- Digi International Inc. , 40.7%
- Northern Oil and Gas Company 36%
- Canterbury Park Holdings Company 30.7%
- Clearfield Corporation 24%
- General Mills Corporation 16.2%
- CyberOptics Inc., 15.7%
Some of the worst performing companies are small public companies looking for strategic alternatives. Calyxt, a Roseville-based company that uses gene-editing technology to create high-value phytochemicals, announced Sept. 22 that its board of directors is looking at strategic alternatives.
Calyxt technology has its roots in the University of Minnesota, but since it went public in 2017, it has had three CEOs and they have It switched from producing its own genetically modified crops to licensing its technology for other companies.
The company’s share price saw good growth after pricing its IPO at $8 a share in July 2017, peaking at more than $29 a share in October of that year. But the stock price has been dropping ever since. It has traded for less than $1 since March and is among a handful of Minnesota – Companies That Have Received Continuous Listing Notices from their exchanges for falling below the $1 threshold.
Qumu — a Minneapolis-base5d provider of cloud-based enterprise software that helps companies manage live and video-on-demand content — also received a notice of delisting from Nasdaq and earlier this year a major shareholder in the company added a proposal to the company’s annual proxy statement asking the board of directors Appointing an investment bank to consider the potential sale of the company. Shareholders by a narrow margin of 52% to 48% approved the non-binding proposal at the annual meeting.
“The Qumu Board of Directors values all shareholder views and will remain open to feedback and evaluation from shareholders as we focus on maximizing long-term shareholder value,” Qumu Chairman Neil Cox said in a press release announcing the shareholder vote.
Minnetonka-based Pineapple Energy is looking to gain strength after completing a merger and name change with Communications Systems Inc. publicly traded and completed earlier this year. It is a solar energy and storage company that operates mainly in Hawaii. that it New CFO It starts next week.
Oil and gas exploration and production companies were among the leaders in the S&P 500 index during the first three quarters of 2022, led by companies such as Occidental Petroleum Group, where Warren Buffets Berkshire Hathaway was adding to its site.
Marathon Petroleum, Exxon Mobile and Valero Energy were also among the sector leaders as of September 30. The sector’s strength has been transferred to Minnetonka-based Northern Oil and Gas, which is the second-best performing stock in Minnesota.
The North Oil and Gas Company announced, Friday, A $157.5 million deal to acquire more oil and gas stakesincluding real estate in Texas and New Mexico that are part of the resource-rich North Delaware Basin.