UNFI - Why United Natural Foods Stock Popped 12% This Week
2023-10-13 16:29:34 ET
Shares of United Natural Foods (NYSE: UNFI) were up 12% this week as of Friday's close, according to data provided by S&P Global Market Intelligence , following another notable insider share purchase on the heels of the company's recent post-earnings drop.
According to an SEC filing dated Tuesday, United Natural Foods CFO John Howard bought 5,490 shares of the company at around $13.68 per share on Oct. 5 -- a roughly $75,000 purchase. That move brought Howard's current stake to 141,790 shares, worth just under $2.2 million as of this writing. Of note, Howard's buy came a day after a roughly $150,000 purchase of 11,265 shares by United Natural Foods CEO James Douglas on Oct. 4.
The timing of the buys is no coincidence; shares of United Natural Foods plunged nearly 25% during the final week of September as investors lamented the company's disappointing fiscal fourth-quarter results and conservative forward guidance. At the time, Douglas blamed higher costs related to an extended effort to modernize and unify the company's technology and network platforms. That effort was repeatedly slowed in recent years by the pandemic, supply chain issues, and rising inflation.
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Why United Natural Foods Stock Popped 12% This Week