Midera Food Processing (NASDAQ:MFP) Shares Gap Up - Here's Why

Key Points

• Midera Food Processing shares gapped higher, opening at $43.87 versus the prior close of $41.81, before last trading at $43.08 on 6,791 shares of volume.
• Analyst sentiment remains cautious: MFP has a consensus “Hold” rating from five analysts, with an average price target of $45.00, ranging from $40.00 to $50.00.
• Director Robert Nerbonne bought 10,900 shares for approximately $491,000, while several hedge funds—including Kirr Marbach and Cooke & Bieler—also established new positions.

Midera Food Processing (NASDAQ:MFP - Get Free Report) shares gapped up prior to trading on Tuesday. The stock had previously closed at $41.81, but opened at $43.87. Midera Food Processing shares last traded at $43.08, with a volume of 6,791 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MFP shares. Wall Street Zen raised shares of Midera Food Processing to a "hold" rating in a research note on Saturday, August 1st. KeyCorp assumed coverage on shares of Midera Food Processing in a research note on Tuesday, August 25th. They set a "sector weight" rating for the company. Robert W. Baird began coverage on shares of Midera Food Processing in a report on Wednesday, July 8th. They set a "neutral" rating and a $40.00 price target on the stock. Oppenheimer started coverage on shares of Midera Food Processing in a research report on Wednesday, July 15th. They issued an "outperform" rating and a $50.00 price objective on the stock. Finally, Zacks Research raised shares of Midera Food Processing to a "hold" rating in a research report on Thursday, July 16th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Midera Food Processing has a consensus rating of "Hold" and an average target price of $45.00.

Midera Food Processing Price Performance

The stock has a 50 day simple moving average of $43.43. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.84 and a quick ratio of 1.15.

Insider Buying and Selling

In related news, Director Robert Nerbonne acquired 10,900 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The stock was bought at an average price of $45.05 per share, for a total transaction of $491,045.00. Following the acquisition, the director directly owned 32,371 shares of the company's stock, valued at $1,458,313.55. This represents a 50.77% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

Hedge Funds Weigh In On Midera Food Processing

A number of hedge funds have recently added to or reduced their stakes in MFP. Sterling Capital Management LLC bought a new stake in shares of Midera Food Processing during the third quarter valued at approximately $53,000. State of Alaska Department of Revenue purchased a new stake in shares of Midera Food Processing in the third quarter valued at approximately $285,000. Yousif Capital Management LLC purchased a new stake in shares of Midera Food Processing in the third quarter valued at approximately $463,000. Kirr Marbach & Co. LLC IN bought a new position in Midera Food Processing in the third quarter worth approximately $10,743,000. Finally, Cooke & Bieler LP bought a new position in Midera Food Processing in the third quarter worth approximately $19,643,000.

About Midera Food Processing

Midera Food Processing Inc provides food processing solutions. The Company specializes in the processing of raw material preparation and production and product packaging for retail and food service applications. Midera Food Processing Inc, formerly known as MINERA FOOD PRC, is based in Rosemont, Illinois.

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