Real Good Foods, a frozen and refrigerated foods maker, has made executive appointments to revitalize its financial and business management functions. The appointments include Jim Behling as chief financial officer, John Bissett as senior vice president of finance and controller, Duane Diez as senior vice president of procurement & supply chain, and Joe Laws as vice president of business management [f1a83d01].
The company also received a delisting notice from the Nasdaq Stock Market for failing to maintain a $1 per share stock price over a 30-day period. Real Good Foods now has a 180-day grace period to rectify the issue. The company's stock price is currently trading at 81 cents per share. Real Good Foods is considering options to meet the minimum bid price requirement, including a potential reverse stock split [f1a83d01].
Additionally, Real Good Foods amended its revolving credit facility to change the maturity date and pushed back the maturity date of a $90 million term loan [f1a83d01].
In other news, Natixis Investment Managers International has reduced its stake in Performance Food Group (NYSE:PFGC) by 65.6% during the fourth quarter. They sold 14,450 shares, leaving them with 7,570 shares worth $523,000. Other institutional investors and hedge funds have also made changes to their positions in the company. Performance Food Group reported $0.80 earnings per share for the quarter, missing analysts' consensus estimates of $0.83. The company had revenue of $13.86 billion for the quarter. Performance Food Group has a market cap of $10.81 billion, a P/E ratio of 25.93, and a beta of 1.41. The stock has a 12-month low of $52.92 and a 12-month high of $78.54. Analysts have given the stock an average rating of 'Moderate Buy' and an average price target of $81.14 [b8879ae5].
Insiders at Simply Good Foods, including Independent Director Brian Ratzan and Independent Director James White, have sold a substantial stake in the company over the last year. The biggest single sale was when Brian Ratzan sold $11 million worth of shares at a price of $37.78 per share. In the last three months, James White sold $153,000 worth of shares. Simply Good Foods insiders currently own 9.4% of the company, worth about $345 million. The insider transactions indicate hesitancy among insiders, but the company's profitability and growth mitigate concerns. Shareholders should consider analyst forecasts for Simply Good Foods to make an informed decision. [e38ba064]
The Real Good Food Company, Inc. has announced the national launch of its Garlic Parmesan and Lightly Buttered Seasoned Chicken Breast Chunks in approximately 4,000 Walmart stores across the US. The new chicken breast chunks have more protein and fewer carbohydrates than leading chicken nugget brands, and they are gluten-free. Real Good Foods aims to make nutritious foods more accessible and help people live healthier lives. The chicken chunks are coated in proprietary seasoning blends for maximum flavor and are merchandised alongside the company's existing Lightly Breaded Chicken Breast Nuggets and Strips. Real Good Foods plans to expand its Frozen Proteins portfolio with more products in the future. [bd2f13dc]