AgroFresh Solutions, Inc. (NASDAQ:AGFS) Issues Quarterly Earnings Results
AgroFresh Solutions, Inc. (NASDAQ:AGFS) announced its quarterly earnings results on Wednesday. The basic materials company reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.26) by $0.31, MarketWatch Earnings reports. AgroFresh Solutions had a negative net margin of 60.21% and a negative return on equity of 7.81%. The firm had revenue of $16.39 million during the quarter.
AgroFresh Solutions (NASDAQ AGFS) traded down 0.80% during midday trading on Thursday, hitting $7.45. 60,399 shares of the stock were exchanged. The stock’s market cap is $374.59 million. AgroFresh Solutions has a 1-year low of $1.96 and a 1-year high of $9.05. The company’s 50 day moving average is $7.80 and its 200-day moving average is $5.50.
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AGFS has been the topic of a number of analyst reports. Citigroup Inc. reaffirmed a “neutral” rating and issued a $9.00 price objective (up from $6.00) on shares of AgroFresh Solutions in a research note on Wednesday, July 12th. BidaskClub lowered shares of AgroFresh Solutions from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Finally, ValuEngine raised shares of AgroFresh Solutions from a “sell” rating to a “hold” rating in a research note on Saturday, May 20th.
In related news, major shareholder Chemical Co /De/ Dow acquired 33,214 shares of AgroFresh Solutions stock in a transaction on Tuesday, May 30th. The shares were acquired at an average cost of $6.94 per share, with a total value of $230,505.16. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders purchased 172,088 shares of company stock worth $1,201,285. 19.40% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Private Advisor Group LLC bought a new position in shares of AgroFresh Solutions during the second quarter worth about $168,000. Swiss National Bank boosted its stake in shares of AgroFresh Solutions by 38.4% in the second quarter. Swiss National Bank now owns 42,200 shares of the basic materials company’s stock worth $303,000 after buying an additional 11,700 shares during the period. American Century Companies Inc. acquired a new stake in shares of AgroFresh Solutions during the second quarter worth approximately $1,331,000. Marshall Wace North America L.P. acquired a new stake in shares of AgroFresh Solutions during the second quarter worth approximately $235,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of AgroFresh Solutions by 10.0% in the second quarter. Bank of New York Mellon Corp now owns 109,792 shares of the basic materials company’s stock worth $788,000 after buying an additional 9,981 shares during the period. 71.84% of the stock is currently owned by institutional investors and hedge funds.
AgroFresh Solutions Company Profile
AgroFresh Solutions, Inc, formerly Boulevard Acquisition Corp., is a developer of agricultural technologies that preserve the freshness and value of fresh produce, including apples, pears, kiwifruit, avocados and bananas, as well as flowers. The Company’s principal product, The SmartFresh Quality System (SmartFresh), regulates the post-harvest ripening effects of ethylene, the naturally occurring plant hormone that triggers ripening in certain fruits and vegetables, through technology.
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