What happened Shares of energy stock Orbital Energy Group (NASDAQ: OEG) fell as much as 19.1% in trading on Wednesday after the company announced a share offering. Shares, which have held fairly steady all day, are down 18.5% at 2 p.m. EDT. So what The biggest news is that Orbital Energy agreed to sell 10.4 million shares of stock to institutional investors for $3.65 per share. That's still below where shares are trading today, providing new investors with a big discount on the stock. Image source: Getty Images. Management expects the offering to close on Thursday, and until at least then, I wouldn't expect the stock to jump. Orbital Energy may just need the company to survive after reporting an $18 million loss in the first quarter of 2021 and having just $34.9 million in cash on the balance sheet. Now what Orbital Energy is a long way from profitability, and that's one of the reasons it needs to raise cash. While I like some of the markets the company is in -- like solar, natural gas, and electricity transmission -- it hasn't proven the ability to make money. That alone will keep me out of the stock, even with the discount in shares today. 10 stocks we like better than Orbital Energy GroupWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Orbital Energy Group wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Travis Hoium has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source