Secondaries Announced 3.7.2017

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Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

 

Company: Health Insurance Innovations, Inc.
Symbol: HIIQ
Price: Last Trade $17.35
Trade Date: 3/8
Shares: 2.3 million
Description: Re-offer Range: Subscription Needed
Underwriter(s) Canaccord Genuity, Cantor Fitzgerald
Co-Manager: Northland Capital Markets, Lake Street Capital Markets
Rating = Subscription Needed

Company: Equinix
Symbol: EQIX
Price: Last trade $375.24
Trade Date: 3/9
Shares: 4.66 million
Underwriter(s) J.P. Morgan, BofA Merrill Lynch, Goldman Sachs & Co., RBC Capital Markets, Barclays, Citigroup
Co-Manager:ING, MUFG, TD Securities, HSBC, BTIG, Evercore ISI
Note: This offering has $1.125bn in notes attached
Rating = Subscription Needed

Company: Fox Factory Holding Corp
Symbol: FOXF
Price: Last Trade $28.40
Trade Date: 3/8
Shares: 5.1 million
Description: Re-offer Range: Subscription Needed
Underwriter(s) BofA Merrill Lynch
Rating = Subscription Needed

Company: The GEO Group, Inc.
Symbol: GEO
Price: Last trade $44.67
Trade Date: 3/8
Shares: 6 million
Description: Re-Offer Range: Subscription Needed
Underwriter(s) J.P. Morgan, SunTrust Robinson Humphrey, Barclays, BofA Merrill Lynch
Rating = Subscription Needed

Company: Gladstone Land Corporation
Symbol: LAND
Price: Last trade $11.75
Trade Date: 3/8
Shares: 1.4 million
Description: Re-offer Range: Subscription Needed
Underwriter(s)Janney Montgomery Scott, Ladenburg Thalmann & Co., Oppenheimer & Co., Wunderlich Securities, Maxim Group, Nomura Securities
Co-Manager:
Rating = Subscription Needed

Company: Ladder Capital Corp-BLOCK
Symbol: LADR
Price: Last Trade $14.91
Trade Date: 3/8
Shares: 3 million
Description: Re-offer Range: Subscription Needed
Underwriter(s) UBS Investment Bank
Rating = Subscription Needed

Company: Armstrong Flooring, Inc.
Symbol: AFI
Price: Last Trade $18.80
Trade Date: 3/8
Shares: 2.6 million
Description: Re-Offer Range: Subscription Needed
Underwriter(s) Barclays
Rating = Subscription Needed