AgroFresh Solutions, Inc. (NASDAQ:AGFS).
On November 10 the stock rating was downgraded from “Buy” to “Neutral” and a price target of $2.80 was set in a report from Citigroup. Citigroup started covering AGFS with an initial rating of “Buy”.
The company is so far trading up by 1.72 percent from yesterday’s close. It is currently trading at $8.26 a tad higher than $7.12, the 50 day moving average and marginally over the 200 day moving average of $4.45. The 50 day moving average moved up $1.17 and the 200 day average went up $3.84 or +86.11%.
AgroFresh Solutions, Inc., formerly Boulevard Acquisition Corp., launched on October 24, 2013, 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 Business’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. SmartFresh is naturally biodegradable and leaves no detectable residue, which has significant consumer appeal. SmartFresh allows growers and packers to deliver just harvested freshness on a year-round basis. An integral part of the SmartFresh sales process is the AgroFresh Whole Product offering, which is a direct service model that provides customers with on-site applications of SmartFresh at their storage facilities combined with advisory services..
As of the latest earnings report the EPS was $-1.99 and is expected to be $-0.16 for the current year with 50,280,000 shares now outstanding. Next quarter’s EPS is expected be $0.28 with next year’s EPS anticipated to be $-0.04.
Investors are feeling more bullish on shares of the company of late as inferred by the fall in short interest. The company had a fall in short interest of -10.66% between June 15, 2017 and May 31, 2017. Short interest fell 234,990 over that period. Days to cover decreased from 10.1 to 10.0 and the percentage of shorted shares is 0.04% as of May 31.