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Calavo Growers Inc. (NASDAQ:CVGW), currently trading at $23.96 and rated as undervalued according to InvestingPro analysis, saw its Executive Vice President Michael A. Browne increase his stake in the company, according to a recent filing with the Securities and Exchange Commission. On April 2, Browne purchased 6,000 shares of Calavo Growers’ common stock for a total transaction value of approximately $142,140. The purchase price ranged between $23.67 and $23.73 per share, with a weighted average price of $23.69.
Following this transaction, Browne’s beneficial ownership includes 7,500 shares held indirectly through a trust, 1,400 shares held directly, and 900 shares held indirectly by his spouse. This move reflects Browne’s continued confidence in Calavo Growers, a company known for its agriculture services.
In other recent news, Calavo Growers reported first-quarter earnings that exceeded analyst expectations, although its revenue fell short. The company posted adjusted earnings per share of $0.33, surpassing the analyst consensus of $0.30. Revenue was reported at $154.4 million, which, despite being a 21% year-over-year increase, did not meet the projected $159.85 million. The Fresh segment, including avocados and tomatoes, experienced a sales increase of 23.7%, attributed to a significant rise in average price per carton. Gross profit for the quarter rose by 46.2% to $15.7 million, with the Fresh segment’s gross profit surging 88.8% to $12.1 million. Additionally, Calavo Growers announced a $25 million stock buyback program approved by its Board of Directors, set to run until March 18, 2027. The share repurchase initiative reflects the company’s confidence in its financial health and long-term strategy. Calavo Growers maintained a robust balance sheet with $48.5 million in cash and cash equivalents and $96.7 million in available liquidity at the end of the quarter.
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