Since AgroFresh’s (NASDAQ:AGFS)
AgroFresh’s tumbles Recently, But Now looking Strong
Since AgroFresh’s (NASDAQ:AGFS) merger with Boulevard Capital Acquisition (a previous SPAC) it’s been an uneven ride. While stock price went as high as $13 – and insiders were purchasing in late August/early September at costs over $10.
Things decayed extraordinarily when the organization reported 3Q comes about with a rotten one gather to fault (down ~20% y/y in North America) – and on the call administration did not give entire year direction, regardless of only 45 days staying in the year.
The stock exchanged to $4.50. After two days the organization gave direction – around 13% beneath entire year unique; entire year expected EBITDA, not incredible, but rather a long way from the fiasco inferred by the earnings call conference- which was trailed by 6 extra insider purchases and shares recuperated to nearly $7.
The uneven ride proceeded in mid-2016 with the exit/termination of both the organization’s CEO and its President toward the beginning of March. Analysts trust it was a cultural mismatch, with AgroFresh’s senior authority originating from Dow (NYSE:DOW), an organization with a huge firm culture, when the organization, indeed, required a substantially more entrepreneurial pioneer.
In the meantime, there are co-CEOs – who are extraordinarily met all requirements to incidentally head the business – Dr. Nance Dicciani running the operations, and Stephen Trevor running M&A.
The company’s shares are currently trading around 5 a share with a market capitalization of 255 million.
In the latest earnings call, Dr Nance Dicciani, Chair of AgroFresh’s Board and acting co-CEO said, “Sales and Adjusted EBITDA for the second quarter and first half of 2016 came in within guidance. We’ve accelerated the launch of our new product offerings, taken steps to defend and strengthen our market share, and made progress on our external development strategy. We are doing well with our SmartFresh™ and Harvista™ technologies against competition and we expect growth in the Northern Hemisphere with respect to both products. We expect our new product offerings to bring much-needed diversification to our portfolio.”