Calavo Growers Stock Soared This Week as Insiders Gobbled Up Shares
Shares of fresh produce company Calavo Growers (NASDAQ: CVGW) -- best known for its avocados -- soared this week. Investors were surprised to see a director and the CEO buying shares on the open market. And that's why the Calavo Growers stock was up almost 18% for the week, prior to the market opening on Friday, according to data provided by S&P Global Market Intelligence. For comparison, the S&P 500 was up less than 1% during this time.
It's not uncommon to see insiders gobbling up shares of their own companies. However, seeing them buy shares at market prices is far less common -- usually, they get shares at a discount through employment agreements. But Calavo Growers is the latter scenario here.
Last Friday, Calavo Growers director Steven Hollister disclosed his purchases. And on Monday, CEO Lee Cole disclosed his. For his part, Hollister bought 2,000 shares at $30.59. And Cole bought 37,500 shares at $29.94 before buying 37,500 more shares at $30.74.
Source Fool.com
