2023-07-17 13:25:17 ET
Calavo Growers ( NASDAQ: CVGW ) shot up on Monday after CEO Lecil Cole snapped up more shares.
Cole bought a total of 75K shares over two transactions. The first batch of shares was picked up at $29.94 on July 12 and the second batch of shares were bought on July 13 at a cost of $30.74 per share. Following the transactions, Cole owns 515K shares of Calavo Growers ( CVGW ), which are worth about $18.4M. The market cap on CVGW is roughly $555M.
Calavo Growers ( CVGW ) is not due to report FQ3 earnings until late August or early September. In FQ2, the farm products company saw revenue fall off 26% from the year prior and gross profit decline 14%. Adjusted EBITDA was $6.9M vs. $12.7M from the same period last year. At the time, Cole said he believed in the long-term earnings potential of CVGW and was confident his leadership team could restore profitability. "My primary focus since returning has been on the avocado business, and I am really pleased with the progress we’re making," he stated. Avocado margins were noted to have improved from the first quarter, and avocado volume in the second quarter was up 11% compared to the prior year quarter.
Shares of Calavo Growers ( CVGW ) were up 14.97% to $35.63 at 1:25 p.m. to trade at their highest level of 2023. The food stock is still swapping hands below the 52-week high of $45.50.
More on Calavo Growers:
- Calavo Growers: Risky, But Undervalued Thanks To Avocado Market And Reorganization
- Calavo Growers's track record of earnings beats and misses
- Valuation metrics on Calavo Growers
- Seeking Alpha's Quant Rating for Calavo Growers
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Calavo Growers rips big gain after insider buying action